It’s not all really awful. Some places have big growth plans.
Take United First Partners, a London brokerage firm specializing in merger arbitrage which has just hired the former chief operating officer (Brian Mitchell) of Gartmore and let it be known that it might like to quintuple its workforce and hire up to 100 people in two years.
Sounds exciting? It probably is. However, it’s also worth noting that these are maximum hiring numbers and may have been put about to lure Brian onboard. The extra 100 staff will also be divided between London and New York and as there are already 22 staff in London, New York may get more of the new hires.
In another example of good news which we will lightly drizzle over, Cantor Fitzgerald CEO Howard Lutnick has apparently told Fox News that Cantor’s on a huge hiring spree and is keen to avail itself of anyone let go from BAML. However, Cantor has said much the same thing in the past whenever banks have made redundancies. Lutnick’s comment on this occasion smells a little like an opportunistic attempt to attract CVs in order to reduce recruitment costs. Whether many people will actually be hired remains to be seen.
As we have long predicted, Nomura is now cutting 250-300 staff in Europe and only 80-100 everywhere else. (The Times)
Ruth Porat says fixed income trading at Morgan Stanley has not been particularly great this quarter. (Bloomberg)
Vickers threatens the basic model of investment banking. (Stumbling and Mumbling)
Barclays could account for 40% of the Vickers-related cost increases; Lloyds could account for 40%. (Financial Times)
UK banks are not having their ratings cut imminently. (Evening Standard)
“A BarCap independent of the rest of the group and not based in the UK would be one of the most likely to enjoy a competitive cost of funding compared with peers such as Goldman Sachs and Morgan Stanley,” analysts at UBS said. (The Times)
Bank of America employees submitted roughly 150,000 ideas for how costs at the bank could be cut. (Naked Capitalism)
Suddenly, international banks are very interested in expanding in Indonesia. (Financial Times)
10 ex-Dresdner Kleinwort staff who stayed at Commerzbank because they claim to have been promised $7.7m in bonuses are suing the bank and claiming their bonuses were never paid. (Bloomberg)