Goldman Sachs and Citigroup are said to be implementing 12,000 job cuts as we speak. At Citigroup, the cuts are affecting salespeople and traders (and anyone more than nine steps from Vikram). At Goldman, the axe is reputedly falling on people in leveraged finance, syndicated loans, IT, back-office administrative positions, and structured credit and prop trading. The big shock seems to be that the people being let go aren’t all that bad: “It’s a bloodbath,” someone still employed at Goldman Sachs told Clusterstock. “They’re firing even the good performers.”

HSBC cuts 20% of staff in leveraged finance. (Dealbreaker)

There is hope! Thirteen redundant bankers hired by a boutique. (Financial News)

UBS promises to ‘discuss the issue of repayment of previously granted incentive awards’.
(The Times)

Bonuses to fall 70% for Wall St execs. (Bloomberg)

Thain will get $5.2m when BofA deal goes through. (Wealth Bulletin)

No bonus for Blankfein. (CNBC)

We can’t tell you anything about bonuses because we still don’t know ourselves.
(Bloomberg)

1.7bn wiped off Man Group. (Guardian)

Permira has hired in financial services. (DealBook)

Thought Obama would improve the situation? Think again. (DealBook)

Thought you might find a job in the Gulf? So did everyone else. (Reuters)

British banks face the abyss. (Reuters)

FTSE enjoys best minute in more than three decades. (Daily Mash)