News

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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58 Responses to “Layoffs Watch ’12: Investment Bankers, Everywhere”

  1. The Sword says:

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

    • Bathing is Fun! says:

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

    • The Sword says:

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

      • The Pen says:

        I'm still mightier.

        Now do us all a favor, and kindly FOAD.

      • merkin_capital says:

        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.

      • davidrusso says:

        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."

    • The Dude says:

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

    • Mike says:

      you are confusing Investment Bankers with Bank Prop Traders.

  2. guest says:

    …and Greyhound starts advertising $1 fares on Dealbreaker

  3. investorcluzo says:

    "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.

    • Guest says:

      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.

  4. larry says:

    they are assholes anyway

  5. Ax to Grind says:

    Bank of America…..YOU SUCK DICK

    • Teller says:

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

      -BofA

  6. Guest says:

    "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.

    • Guest says:

      This guy has no fear!

    • guest says:

      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.

      • PermaGuestII says:

        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…

        • pazzo83 says:

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

          – MidtownUptownNoFeeLowFeeBudgetApts.com

        • Whoops says:

          December lease renewal?

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

        • guest says:

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

    • lloyd says:

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

  7. Anon says:

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

    –Guy who had a random inner monologue

  8. nothing personal says:

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

  9. Guest says:

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

  10. JimmyG says:

    Bloodletting? I can help with that.

    – pen knife in darien

  11. UBS FICC Trader says:

    'Bout damn time.

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