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Lunchtime Links: Surprise, surprise – more layoffs at Morgan Stanley and Goldman

This is unlikely to come as a great shock to anyone, but investment banks haven’t finished eliminating the people they so carefully nurtured over the past few years. The Wall Street Journal reports that Morgan Stanley is contemplating the extraction of a further 5% of its staff, and that Goldman Sachs is also mulling further cuts. Back office functions, HR, technology, and risky traders are most at risk. According to our own estimations, Goldman could do with eliminating another 7,500 staff. Morgan Stanley doesn’t necessarily need to do away with anyone.

Morgan Stanley cutting Canary Wharf office space by 25%. (Financial News)

Bonuses have let down the American people, says Obama. (Guardian)

Bailouts really do mean big bonuses could disappear altogether. (Bloomberg)

Few ways to recover bonuses to bankers. (DealBook)

BofA bankers ask ‘pointed questions’ on bonuses of Moynihan. (Wall Street Journal)

UBS bankers to receive 100% stock bonuses in 2010. (Dealbreaker)

Life after a bad bonus: The next Wall Street jobs. (Wall Street Journal)

900 jobs to go at Dexia. (Bloomberg)

‘Only senior lesbian’ in the Square Mile speaks. (Independent)

Comments (8)

  1. If my bonus is below 100% I’m going to leave the City and go to work for the Family Ice Cream business.

  2. 2 Cornettos for me then Giulio !!

  3. No need for further cuts at Morgan Stanley..do me a favour, the Trading Floors are still bloated..

  4. Giulio what do you do and what kind of bonus figures have you seen in the past.
    (question from a prospective city worker about to graduate)

  5. BMadoff – stick to ponzi schemes, thats where the real money is.

  6. BMadoff, as a perspective city worker you would do well to research the industry a little further and you would soon learn that bonus payments are fast disappearing and that basic salary would be a better start you enquire about. Also you would also do well not associating yourself to Mr. Madoff….

  7. I am MD in Forex. We are doing very well now. I was expecting 300% bonus this year . Last year i was given 400% bonus. It is quite atrocious that i am getting only 150% bonus even though my performance was better and i lost because other divisions sucked. I am planning to quit and get a job that pays for performance.

  8. So did the cuts in MS and GS happen?

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