In the annals of awfulness, being dumped before bonuses are paid ranks quite high. Most banks make provisions in their contracts to ensure you have no entitlement whatsoever to a bonus unless you’re actually in employment on the day the bonus would arrive in your bank account.
Which bank has been most zealous in dumping staff immediately prior to bonuses this year? Based upon changes to the number of FSA-registered staff monitored by the research firm IMAS, it looks like Citigroup.
In January alone, Citigroup Global Markets (Equities) and Citigroup Global Markets cut 64 people according to figures from IMAS. The other big cutters last month were Merrill Lynch International and Banc of America Securities (a combined 49 people down) and RBS (27 people down). Surprisingly, given
However, and surprisingly perhaps given the gloom, there was also quite a bit of hiring in January. IMAS’s figures suggest at least 136 FSA registered staff were added at leading banks.
The most zealous January hirer was Deutsche, which added a 40 FSA registered staff last month. This was despite the fact that Deutsche has made comparatively few redundancies and gives weight to Anshu Jain’s claim that the bank wants to build market share whilst rivals are cutting back.
Among the other biggish hirers was Credit Suisse, which added 10 FSA registered people in January, despite having a full year 2012 compensation ratio of 98.6%. Also noticeable was the addition of 14 staff at wealth manager St. James’s Place, which acts as something of a safety net for people made redundant from elsewhere.
The full list of hiring and firing (as indicated by net changes to FSA registered persons recorded by IMAS) is below.
January’s biggest hirers:
|St James’s Place|
|JPMorgan Asset Management|
|Investec Wealth and Investment|
|Bank of America|
January’s biggest firers:
|Citigroup Global markets|
|Merrill Lynch International|
|Citigroup Global Markets Equities|
|Goldman Sachs Asset management|
|Morgan Stanley International|