UK
Tag: Redundancies
Late Lunchtime Links: JPMorgan is making 0.25% of its employees in London redundant; many banks’ share prices have plummeted since March
It’s not just Ina Drew and Achilles Macris. JPMorgan is cutting other people too. Bloomberg reports today that JPMorgan is cutting 20 jobs in London which are unrelated to its recent loss and therefore, we assume, external to the chief investment office. As the bank employs 8,000 people in the City, this amounts to only [...]
Late Lunchtime Links: BNP just wants to get the remaining 40% of its job cuts over with so that it can look to the future
BNP is cutting 1,400 jobs at its investment bank. As we noted yesterday, around 300 of them are apparently being encouraged to take voluntary redundancy. We can only assume the rest are being commanded to leave involuntarily. BNP’s insomniac chief executive Jean-Laurent Bonnafe appeared on Bloomberg earlier to say that they’re actually only 60% of [...]
Only another 2,700 redundancies to go at RBS, which is now paying its investment bankers around half the global average
RBS has been busy purging itself of superfluous investment bankers. In the past three months, it’s got rid of 700 of them. In the past year, it’s got rid of 2,400. RBS Global Banking and Markets (GBM) is now leaner and meaner, but the purging isn’t over yet. In today’s quarterly results release, RBS reminded [...]
A quick and easy way of knowing whether you will lose your job in Bank of America’s coming 2,000 redundancies
The Wall Street Journal reports this morning that Bank of America will be making another 2,000 redundancies soon in its investment banking, commercial banking and non-US wealth-management units. Given that Bank of America has been highlighting forthcoming redundancies as part of ‘Project New Bac phase two’ for some time, this doesn’t seem big news. Except [...]
Nomura confirms it: M&A and capital markets businesses are just not very profitable. Macquarie pays head of risk twice head of M&A
If you work in M&A or capital markets (collectively known as IBD), you may be a loss leader. Don’t, therefore, expect to get paid anything like your colleagues in sales and trading roles. There have always been suspicions that M&A bankers aren’t great for the bottom line (RBS’s don’t appear to have been profitable, for [...]
Credit Suisse’s investment bank has not made many redundancies and would like to hire. It may be paying badly
It’s Credit Suisse results day. Last time Credit Suisse reported, it had a few issues in its investment bank: the cost income ratio was 228%. In the circumstances, you might think Credit Suisse would have made a lot of investment banking redundancies. It hasn’t. Since the fourth quarter of 2011, it’s reduced headcount in the [...]
Advice to M&A bankers: Your jobs are less vulnerable than they may currently seem
2012 has started unpromisingly in M&A. Advisory revenues were down 34% year-on-year in the first quarter at JPMorgan, 23% year-on-year at Citigroup, and 37% at Bank of America Merrill Lynch. In the first quarter of 2012, global M&A fees fell to their lowest level since the second quarter of 2009. Europe was a bit better, [...]
The full list of who hired and who fired in London in March (Credit Suisse, BNP and RBS were the big firers; Citigroup was the hirer)
Credit Suisse is supposed to be making a lot more redundancies. Sonntag reported at the weekend that CS might disclose plans to make 25% of its 20,000 or so investment banking staff redundant when it announces its Q1 results on April 25th. Calls are already coming for Brady Dougan to take himself out of the [...]
Bonuses at UBS will depend on cost/income targets being met; RBS WILL be cutting in rates
Last week was the week of the Morgan Stanley European Financial Services Conference. Financial News sent a journalist along. That journalist came away with the impression that things are volatile, US banks are the best investment and BarCap is the best bank inEurope. We weren’t at the conference. Fortunately, however, the banks that were have [...]
Goldman Sachs, Citigroup and Barcap have all rebuilt their European businesses since 2008. Where does this leave the rest?
However bad the pain in the banking jobs market has seemed in the past 12 months, it has been – frankly – nothing compared to the turmoil of 2008 and 2009. Bank-by-bank graphs from the ever-informative data resource that is IMAS Insight, reveal the extent of the trauma among FSA registered persons a few [...]
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