HSBC’s cuts have been flagged for a while: it let it be known in August 2011 that it’s cutting 30,000 jobs. With the help of Boston Consulting, HSBC has determined that there shouldn’t be more than 8 levels of management between any one individual and CEO Stuart Gulliver and that all intervening middle managers must be culled. More recently, HSBC has also announced several strategic priorities including the ever-popular chestnuts of strategic client coverage and compliance.
HSBC has not identified equities as one of its strategic priorities. This is despite speculation that HSBC was building out its equities business in 2011.Today there are rumours that HSBC is, in fact, doing some equities trimming in London. 10 people are said to have been ousted, with 50 going across global markets as a whole.
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The immense and self-actualising joy of working for Goldman Sachs in Bangalore: “We touch every part of the firm.” (Youtube)
David Morant, a hedge fund manager at the London office of SAC Capital, who hasn’t been working for a while, has found a new job at CQS. (Financial News)
Roger Altman, chairman of Evercore, says there’s a “long-term and continued drain on intellectual talent from the large firms to the independent firms.” (FT)
“We are experiencing a global super league emerging, which will only be made up of four or five firms,” insists Christian Meissner, global head of corporate and investment banking at Bank of America. (FT again)
Average bonuses at Macquarie tripled last year, while the bank’s RoE fell to a mere 6.8%. (WSJ)
Wilhelm Schulz, head of European M&A at Citigroup, thinks it will all be ok soon: “There is a huge backlog of transactions.” (FT)
Kareem Serageldin can leave the house; he just has to be home again between 11pm and 6am. (Bloomberg)
Fellow trader accused of stabbing Kweku Adoboli in the back says he was suicidal after Kweku arrested. (Guardian)
One month ago, Citigroup had 1 person on its European distressed debt team. Now it has 6. (Bloomberg)
University professors are more likely to rate students called John than students called Jennifer, regardless of ability. (United Academics)
France’s 75% tax rate is going ahead. (CNBC)
Interviewers should ask questions like: Where do you want to eventually live and settle? Where else are you looking and why do we stand out in your set of choices? Are there any reasons why you would not take this job if it were offered? (HBR)
Time to become a precious metals security operative. (Zerohedge)