However, while banks look around for who to dispense with in order to both keep costs down and protect the bonus pool, JPMorgan's analysts have produced a helpful guide -based upon recent performance - to who should not be let go within M&A, debt capital markets and equity capital markets (IBD).
It's not infallible: the 'guide' is based upon projected rather than actual figures and is global rather than granular at a country and team level. But it does demonstrate that some banks have had an exceptional third quarter in their IBD businesses, and some banks haven't.
As the tables below clarify, if you work at BNP Paribas or Nomura in ECM and you are let go, it will seem very unfair. The same applies to anyone cut from DCM at Bank of America or UBS, and to the M&A bankers losing their jobs at UBS before Christmas.
On the other hand, ECM bankers at Citi, DCM bankers at Nomura and M&A bankers at BNP Paribas appear to deserve their fate.