Late Lunchtime Links: Bank of America has been targeting juniors for redundancy. And, there is carnage at Nomura today

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When they let go of people, some banks like to target expensive senior staff on inflated salaries. Some banks don't. Therefore, while Deutsche has reportedly been axing all sorts of senior investment bankers, Bank of America Merrill Lynch has apparently been taking the opposite approach and disavailing itself of juniors.

The Wall Street journal reports today that in the seven months between September 2011 and the second quarter of 2012, Bank of America got rid of 20% of its junior investment bankers. This follows a concerted and mistimed push into M&A last year. As a reminder, Christian Meissner, the head of investment banking at BAML who was hired from Nomura in 2010, recruited up to 30 MDs in M&A in Europe in 2011. Rather than throwing  out some of these new hires, Meissner seems to have opted to heavily trim the lower ranks.

At the same time, Meissner himself seems to have accurately judged the writing on the wall at Nomura. Following the recent suggestion that Nomura will be restricting its IBD activities to  a few core sectors (financial services, natural resources, industrial companies and private equity), CNBC reports today that Nomura is cutting up to 30% of its European investment banking jobs. The industrials team and the Swiss-coverage team have apparently been targeted. So have Nomura's investment bankers in Dubai. 

At this stage, it's not clear whether Nomura has followed BAML in targeting dispensable junior staff. Bloomberg reported a few weeks ago that only 20% of Nomura's cuts would affect MDs.


Bank of America wants to cut 16,000 jobs in total, across the organisation, this year. (WSJ)

Deutsche’s got a new chief executive for its Russian business. (Bloomberg)

Adam Brett, an MD in JPMorgan’s metals and mining team, is leaving, although no one knows where he’s going to. (Financial News)

Lloyd Blankfein’s socialist moment. (The Globe and Mail)

Today is Lloyd Blankfein’s birthday. He is 58. (Bloomberg) 

Inside the brain of the pathological gambler. (Brainposts) 

Data scientist: the sexiest job of the 21st century. (Harvard Business Review)

Russian power women. (The Moscow Times) 

Beware: your body language speaks for you in meetings. (Harvard Business Review) 

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