Everyone knows that UBS is making redundancies. The Swiss bank has very publicly stated its intention of cutting 10,000 people over the next three years – mostly from its fixed income business. Far less has been said about the silent massacre of fixed income professionals at Credit Suisse.
Now, however, Gaël de Boissard, co-head of Credit Suisse’s investment bank, has come clean about the goings-on in Credit Suisse’s fixed income business. In an interview today with the Swiss publication “Finanz und Wirtschaft”, de Boissard said one third of Credit Suisse’s fixed income business lines have already been shut down. Correlation trading, commodities and structured products have all been hit. De Boissard didn’t give any figures for related fixed income redundancies, but Credit Suisse isn’t too far behind UBS in terms of overall layoffs in the UK: over the past year, it’s reduced its headcount of registered persons by 9.2%, compared to a cut of 15% at UBS.
While Credit Suisse has been firing bankers, another bank is actually hiring. We reported last year that Mitsubishi UFJ Securities would be hiring in 2013. Today, the Financial Times confirms that the Japanese bank will indeed be adding 100 people. 60 of the new hires will reportedly be located in New York, with the remainder in Hong Kong, London and Singapore.
Now the European Union wants to restrict bonuses in Ucits funds to 100% of salary. (Financial Times)
Man Group will permanently limit cash bonuses for its top executives to 250 per cent of salary. (Financial Times)
HSBC could cut another 5,000 jobs – maybe more, software developers are at particular risk. (Financial Times)
RBC has hired a commodities banker from Standard Bank in New York. (Bloomberg)
Ex-JPMorgan banker who now works for Oxfam opines about the move. (Guardian)
Ex-RBS bankers Justine Symonds and Charles Roast have formed a new advisory business, Hillbrook Partners. (Financial News)
Lloyds paid 30 people £1m last year. (Sky)
Goldman’s co-head of South East Asia is moving to the US after only six months in the role. (Financial Times)
The only happy banker in Cyprus. (Cyprus Mail)