US
Everyone who’s anyone is cutting staff today. However, Credit Suisse (CS) is cutting most enthusiastically. Earlier revelations of 500 job cuts in its securities unit have been clarified with the news that the Swiss bank will be cutting headcount by 11% and reducing investment banking headcount by 17%. Particularly aggressive chopping is expected at CS on Wall Street, but 650 jobs will go in London and another 650 will go in Switzerland, according to The Guardian. Financial News reports that CS will be particularly targeting prop traders. And The Independent reports that 1,400 CS contractors will find themselves surplus to requirements. Private bankers have less reason to panic: Bloomberg cites Brady Dougan as saying that the bank will “judiciously invest in the growth of private banking globally”. It’s hired 370 new client advisors this year already.
No more prop trading at Commerzbank (FT).
Nomura cutting up to 1,000 staff in London (Independent).
Nomura aims to shave 20% off staffing costs, might move into Lehman building (The Times).
Carlyle cutting 10% of staff (DealBook).
State Street cutting middle managers and senior managers (Bloomberg).
Jefferies’ staff additions go in sudden reversal (Financial News).
CNBC may cut 80 people (Reuters).
Macquarie has fired 100 investment bankers, mostly in Australia (allegedly – we hear of cuts in London, too) (Bloomberg).
Julius Baer cutting costs but still hiring private bankers (Bloomberg).
Pandit pans his bonus after all (Reuters).
Profit warning at Michael Page (FT).
New Star staff could pocket 10m in rescue (Telegraph).
Lloyd Blankfein and John Mack having secret affair (Clusterstock).
Peace in Europe drove spotty youths into finance instead of war, caused crisis, says Horlick (The Times).
And it’s not only investment banks now, the Big 4 are making job cuts today too!!!!!
What will happen to London?!?
Do you guys think now I can finally find a double room in central London for 100 per week?
And this is only the pre-Christmas round. Wait for the pre-bonus round for the really big numbers. H1 2009 will be a bloodbath.
certainly macquarie are cutting /trimming in London..Fact…’seems strange as they have a fight to recruit staff in the first place ( not counting the legions of young aussies that keep appearing there !!)
I’m at PwC and have friends at KPMG…both have today announced a round of redundancies in audit, tax and advisory. no one is safe!
Macquarie’s Monday cuts were indeed bloody, a friend told me. Around 100 total, including directors who had been around for a while (apparently there is even one who got sacked one day later so that he could close the deal he had been leading). Up to 50% in some teams – Australian funds.
Ambrian Partners are also making cuts across sales and equity research.
And yet Macquarie have their ad’s out for the grad recruitment for 09/10??
What the???
KPMG was definitely ‘culling’ its staff on Thursday as I’m shockingly one of them in spite of being a great performer…..Is it lawful to only give a 2 weeks notice? Also, how is the redundancy package worked out? It doesn’t seem that my 3 months notice period is going to be honoured…….What about other ‘perks’ like company car, lunches, holidays, BUPA, etc.?…
Also heard that Deloitte was cutting some staff on that same day.
In the USA in the “employment at will” states they can fire you without cause with only 2 weeks notice. In the UK it will depend entirely on you employment contract. If it says you must give a certain period of notice then it appto the employer as well. I would expect at least one month’s notice and three if its in your letter of employment. Challenge it and get an employment lawyer to write a letter doing so.
In the USA in the “employment at will” states they can fire you without cause with only 2 weeks notice. In the UK it will depend entirely on you employment contract. If it says you must give a certain period of notice then it appto the employer as well. I would expect at least one month’s notice and three if its in your letter of employment. Challenge it and get an employment lawyer to write a letter doing so.