• 23 Apr 2012 at 1:58 PM

Layoffs Watch ’12: Investment Bankers, Everywhere

Gird your loins, which have apparently gotten a free pass for too long.

Having already slashed bonuses, banks including Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also revisiting profit expectations for their advisory businesses, people familiar with the matter said. Until recently, Wall Street’s ax had largely fallen on trading desks, which shed thousands of jobs as business dried up due to regulations and lackluster markets. But the cost-cutting focus is now expanding to deal makers and corporate advisers that have remained among Wall Street’s most high-profile professionals even as their contributions to banks’ bottom line has been dwarfed by traders. In addition to mergers-and-acquisitions advisory, investment banking includes raising capital through stock and debt.

Wall Street Gets Lean [WSJ]

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Comments (58)

  1. Posted by The Sword | April 23, 2012 at 2:13 PM

    Couldn't happen to a nicer bunch…..too bad D-Bags!

  2. Posted by guest | April 23, 2012 at 2:13 PM

    …and Greyhound starts advertising $1 fares on Dealbreaker

  3. Posted by investorcluzo | April 23, 2012 at 2:15 PM

    "But the cost-cutting focus is now expanding to deal makers"

    we haven't done a deal since '07, looks like we're safe!
    -UBS [Redacted] Group Head.

  4. Posted by larry | April 23, 2012 at 2:22 PM

    they are assholes anyway

  5. Posted by Bathing is Fun! | April 23, 2012 at 2:23 PM

    Shouldn't you be somewhere offering "Empathy Hugs" to other people who don't bathe?

  6. Posted by The Sword | April 23, 2012 at 2:24 PM

    Soooo predictable……Yeah…because the world is sooooo much better off with Investment Bankers, right? They create NOTHING!

  7. Posted by Ax to Grind | April 23, 2012 at 2:26 PM

    Bank of America…..YOU SUCK DICK

  8. Posted by The Pen | April 23, 2012 at 2:30 PM

    I'm still mightier.

    Now do us all a favor, and kindly FOAD.

  9. Posted by Guest | April 23, 2012 at 2:30 PM

    "dozens" of jobs? Did he say DOZENS? That means like, over ten! Maybe even over twenty! That's it….I am shorting the manhattan real estate market.

  10. Posted by Cut Me | April 23, 2012 at 2:37 PM
  11. Posted by Guest | April 23, 2012 at 2:41 PM

    This guy has no fear!

  12. Posted by Teller | April 23, 2012 at 2:48 PM

    Guy with 5k in his checking account who thinks banks are just free holders for the monies, so do you.

    -BofA

  13. Posted by Anon | April 23, 2012 at 2:49 PM

    Targeted round of trims with my Braun. Gold bond powder. Yeahhh. Yeeaahhhhh.

    –Guy who had a random inner monologue

  14. Posted by merkin_capital | April 23, 2012 at 2:57 PM

    My father used to say, "you better study or you'll be digging ditches like that man over there".

    Your father (following yet another night of the plastic sheets failing to prevent adolescent volumes of urine from soaking the mattress pad) used to say, "the world needs ditch diggers too".

    As a result, we're going to be just fine, and you "creators" will be ripe for the rock quarries when the Chinese come calling. Ni Hao, main street.

  15. Posted by nothing personal | April 23, 2012 at 3:03 PM

    if you make more than your IT guy AND you don't help your boss keep his job, you're a target

  16. Posted by Guest | April 23, 2012 at 3:11 PM

    There's only two things I hate in this world; people who are intolerant of professionals in the financial industry and the Welsh.

  17. Posted by guest | April 23, 2012 at 3:12 PM

    true, dozens of job losses maybe not a great reason to short manhattan real estate, but here are some good enough ones: volker, basel III, the near certainty of state and city tax increases, the contraction and conversion of banking comp from cash to stock, etc., etc.

  18. Posted by PermaGuestII | April 23, 2012 at 3:21 PM

    And so the reason average rents in Manhattan just hit an all time high is… ??

    -Guy who hopes the market falls apart before his lease is up for renewal in December…

  19. Posted by PermaGuestII | April 23, 2012 at 3:24 PM

    Hey!

    -David Morgan Jones
    Harlech Securities
    Llandudnodridnodstywythnaevon, UK

  20. Posted by pazzo83 | April 23, 2012 at 3:35 PM

    Give us a call! We have some great exclusives in "midtown east" and the "upper west side"!

    - MidtownUptownNoFeeLowFeeBudgetApts.com

  21. Posted by davidrusso | April 23, 2012 at 3:43 PM

    Predictable? Really? I can see you not liking that response, but could you really predict it?

    That begs the question, how many times a day do people in your world use the term 'Empathy Hugs'?

    I'm guessing slightly more often than you hear the words "compounded interest" or "above average credit score". but slightly less often than "thanks for applying, we'll get back to you."

  22. Posted by Guest | April 23, 2012 at 3:44 PM

    Uh-oh.

  23. Posted by ditch digger | April 23, 2012 at 3:53 PM

    'well, at least i'd have something to show for it'

  24. Posted by merkin_capital | April 23, 2012 at 4:03 PM

    Thank you for your courage.

  25. Posted by JimmyG | April 23, 2012 at 4:11 PM

    Bloodletting? I can help with that.

    - pen knife in darien

  26. Posted by Whoops | April 23, 2012 at 4:18 PM

    December lease renewal?

    -Guy who has his come up in July and thus hates everyone.

  27. Posted by lloyd | April 23, 2012 at 4:34 PM

    I've got a product that might work for you in that respects.

  28. Posted by UBS MD | April 23, 2012 at 5:57 PM

    I'm safe!

    - UBS MD

  29. Posted by Guest | April 23, 2012 at 6:15 PM

    That just never gets old.
    Although it looks like UBS has a new record for not committing serious, global headline-worthy fuck-ups… which may be a sign of the apocolypse.

  30. Posted by The Dude | April 23, 2012 at 9:29 PM

    yea well, that's just like your opinion or whatever dude

  31. Posted by Guest | April 23, 2012 at 10:15 PM

    You're not exactly clear on what we do.

  32. Posted by UBS FICC Trader | April 24, 2012 at 2:45 AM

    'Bout damn time.

  33. Posted by Mike | April 24, 2012 at 8:07 AM

    you are confusing Investment Bankers with Bank Prop Traders.

  34. Posted by guest | April 24, 2012 at 2:23 PM

    Russians. Dozens of dirty Russians buying up prime RE in Manhattan

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