Things could be better in Europe.

Big investment banks in Europe, including Nomura, Credit Suisse and UBS, are stepping up plans to cut jobs as they seek to adapt to a drastic slowdown in revenues and tighter regulation. Bank executives, headhunters and analysts say that the cuts are shaping up as the deepest since the start of the financial crisis after a disappointing summer dashed hopes of a business revival. One senior headhunter said many large investment banks will have “at least 20 per cent” fewer staff in capital markets and M&A advisory business in Europe by the end of the year compared with late 2011. “It [the market] has never been as bad as this. Bankers have long lost confidence in their banks but now they are also losing their self-confidence, their mojo,” a senior advisory banker said.

Among the banks that will reduce their investment banking workforce is Japan’s Nomura, where London-based bankers say that they expect several hundred jobs to be removed in Europe alone as part of a $1bn cost-cutting effort. Switzerland’s largest bank UBS, which cut staff levels earlier than rivals by announcing 2,000 job cuts in the investment bank after a $2.3bn unauthorised trading loss last year, is preparing for intensified cuts as it is seeking to streamline further the unit, several people familiar with the situation said. At Credit Suisse, insiders estimate that the additional SFr1bn ($1bn) in groupwide cuts that were announced in July will translate into up to 1,000 jobs being lost, most of which would be in the investment bank. Analysts expect also Deutsche Bank and Barclays to reduce their headcount further this year. Deutsche said two months ago it would reduce staff levels by 1,900.

Investment Banks Eye Europe Job Cuts [FT]

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Comments (95)

  1. Posted by Guest | September 7, 2012 at 1:46 PM

    Buck up young bankers. There is plenty more shit to clean in Sweden.

  2. Posted by pazzo83 | September 7, 2012 at 1:53 PM

    Don't you have a poster to tend to in front of Trinity Church?

  3. Posted by VonSloneker | September 7, 2012 at 2:16 PM

    Not to worry, they can always come run the bond incinerators for my "ECB Extrava-Bond-za"

    – Super Mario

  4. Posted by guest | September 7, 2012 at 2:24 PM

    Bonuses for the remaining 80% likely to be pretty awesome.

  5. Posted by from the sidelines | September 7, 2012 at 2:27 PM

    Take it! TAKE IT!

    -Phil F.

  6. Posted by perrywhathisface | September 7, 2012 at 2:28 PM

    Don't you mean Lolla-puh-um, bondza?

  7. Posted by Donkey Kong | September 7, 2012 at 3:11 PM

    Dear Europe,

    Please get your shit together. I will not shop at Walmart and what is this Fruit of Loom?

    Ex- MD

  8. Posted by HAM05 | September 7, 2012 at 3:35 PM

    you put your penis in it

  9. Posted by Asdf | September 7, 2012 at 3:58 PM

    Pretty sure I saw this movie. After losing his mojo, Austin had to go back in time and team up with Heather Graham to get it back.

  10. Posted by agreatdaytothink | September 7, 2012 at 4:58 PM

    The problem is the lack of creativity. There was a day where the would create an index that referenced aggegate banker mojo, would tranche it up, and let me buy a junior-AAA slice of it. Get your thinking caps on guys, and get your mojo back….and let me buy it.

    – Strucutred products guy who is bored with vanilla post-recession offerings.

  11. Posted by LatamGuy | September 7, 2012 at 5:34 PM

    Only Europe? finish getting YOUR shit together america too before pointing fingers. Take China with you too.

    – "Developing" (albeit veeeery slowly) rest of the world

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    It's like the Dresden carpet bombing and the raid on London! Head to the shelters people!

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    So I went to apply for a position and the CS "Experienced Professionals" link is down – bad times ahead.

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