No one’s safe from the wrath of the cost cutters – it seems that FIG and energy bankers, despite working in some of the few areas where there’s more to do that fetch the Krispy Kremes, are also being shown the door.
Rumour has it that Lehman has been trimming its European FIG team as part of its broader programme to cut headcount by 5%, as apparently has UBS. And we also hear that JPMorgan has cut 20 people from its US energy banking team (something unconfirmed by the bank).
“Loads of good people are being fired all over the place,” says one headhunter. “Even relatively buoyant sectors are suffering.”
“Fig is a busy area, as are natural resources, metals and mining, and infrastructure. It’s slightly surprising that people are being let go,” muses Bob Condall, a consultant at search firm Redgrave Partners.