Layoffs

  • credit-agricole

    News

    Layoffs Watch ’12: Crédit Agricole

    Zee French are considering some sackings in the new year.

    / Dec 12, 2012 at 2:40 PM
  • News

    Layoffs Watch ’12: Credit Suisse Allows Soon-To-Be Laid Off Employees To Enjoy The Holidays

    Light your candles, hang some mistletoe, ring in 2013, and then come back January 2 prepared to clear out your desk.

    / Dec 11, 2012 at 1:34 PM
  • News

    Layoffs Watch ’12: Deutsche Bank (Update)

    The Germans are said to have asked a handful of employees to clean out their desks.

    / Dec 7, 2012 at 4:47 PM
  • santa-hat

    News

    Layoffs Watch ’12: Credit Suisse Has Good News And Less Good News

    The good news: due to technical issues, no one will be fired before tonight’s holiday party! The less good news: you’ll likely still be fired eventually.

    / Dec 6, 2012 at 11:09 AM
  • News

    Layoffs Watch ’12: Credit Suisse (Again)

    More cuts at the House of Dougan, on top of the ones in Russia, were said to have gone down today.

    / Dec 5, 2012 at 5:07 PM
  • redumbrella

    News

    Layoffs Watch ’12: Citigroup

    As promised, new CEO Mike Corbat will be firing a few thousand people as part of the bank’s weight reduction program.

    / Dec 5, 2012 at 10:14 AM
  • bradydougan

    News

    Layoffs Watch: Credit Suisse

    The House Of Dougan has apparently said Do svidaniya to a handful of comrades.

    / Dec 4, 2012 at 1:26 PM
  • mango

    News

    Layoffs Watch ’12: Barclays

    Remember when Bank of America said it was working on a little something called “Project New BAC,” and it involved firing a whole bunch of employees? Barclays is apparently working on a coupla “projects” of its own.

    / Dec 3, 2012 at 7:33 PM
  • Credit Suisse

    News

    Layoffs Watch ’12: Credit Suisse

    Cuts are said to be going down circa now at the Swiss bank.

    / Nov 29, 2012 at 2:45 PM
  • mikecorbatweightlifting

    News

    Layoffs Watch ’12: Citigroup Has Begun The First Phase Of Its Total Body Makeover

    Back in October, new Citi CEO Mike Corbat’s personal trainer predicted that Vikram Pandit’s replacement would waste no time whipping the place into shape, just like he whipped himself into shape in 2010 with the fat-torching Spartacus Workout. Whereas someone else might’ve let the bank have until the new year to get serious, allowing for one last season of pigs in a blanket and egg nog and late night pizza and entire gingerbread houses, Citi’s day’s of “I’ll start the diet tomorrow” are over. Corbat’s  transformation plan starts TODAY.

    / Nov 29, 2012 at 11:29 AM
  • bradydougancreditsuisse

    News

    Layoffs Watch ’12: Credit Suisse

    Cuts are expected to go down at the House Of BD.

    / Nov 26, 2012 at 4:10 PM
  • vikram-pandit

    News

    Layoffs Watch ’12: Citigroup Is On Top Of Its Firings

    For those worried they’d fallen behind.

    / Nov 19, 2012 at 11:47 AM
  • citiceomikecorbatweightlifting

    News

    Layoffs Watch: Citigroup

    Cuts are said to have gone down in Asia.

    / Nov 15, 2012 at 10:14 AM
  • ubsairship

    News

    Hiring Watch ’12: UBS Was Just Joking When It Fired Scores Of Employees In The Harshest Ways Imaginable

    Remember last week when UBS called New York based employees the day after Hurricane Sandy to tell them they no longer had a job, and communicated the same news to London-based staff by deactivating their ID cards and cutting off their email access? The bank is hoping everyone is at the point where they can laugh about all that, as apparently management got a bit overzealous with its firings– these things happen in the heat of the moment– and actually let go of a few too many people, who are now being offered their jobs back.

    UBS has brought back several employees who were put on leave when it unveiled a drastic pullback from fixed income last week, and more could follow, sources familiar with the situation said. The Swiss bank stopped dozens of traders from reaching their desks in London last Tuesday, when it unveiled an exit from most of its rates and bond trading businesses in a strategic overhaul that will lead to 10,000 global layoffs. The bankers were placed on special leave until further notice, while in the United States UBS fired several fixed-income employees by phone. UBS has already brought back a small handful of employees who were on leave, two people familiar with the matter said. It could also ask more to return or rehire some where needed, said three other sources, including UBS insiders, adding that some desks were now too thinly staffed to operate properly, if they were desks the bank ultimately wanted to keep going.

    No hard feelings?

    UBS takes back some traders on leave amid overhaul [Reuters]
    Earlier: UBS Takes Swift Action On Job Cuts; Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

    / Nov 7, 2012 at 3:53 PM
  • axelweber_1182576a

    News

    UBS Chairman: Other Banks Will Have To Fire Thousands Of Employees Too, Y’Know

    Difference is, UBS is the only one that’s faced facts already, ’cause they’re consistently ahead of the curve like that. Credit Suisse, Deutsche Bank, all those other guys will get a cold hard dose of reality sooner or later, though, and when they do they’ll say, “Damn! UBS was all over this!”

    A day after UBS AG announced it was cutting up to 10,000 jobs by 2015, UBS chairman Axel Weber is warning that many of the Swiss banking giant’s rivals may have to follow suit…“I suspect that many banks have not yet really understood what the consequences of the new capital rules for business will be when they come into full effect in 2019,” Weber was quoted as saying in Wednesday’s edition of the German daily Handelsblatt. “We, on the other hand, see this new world very clearly,” he said. “Besides that, Swiss rules commit us to even higher own capital demands than the 10 percent capital quota that Basel III orders.”

    UBS Chief: Other Banks May Need To Downsize Too [AP]
    Earlier: Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

    / Nov 1, 2012 at 11:55 AM
  • ubs_web_1759736c

    News

    Severance Watch ’12: UBS

    Some details on the packages offered to those fired post-Hurricane.

    / Oct 31, 2012 at 2:01 PM
  • UBS

    News

    Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

    Earlier this week, before a natural disaster struck the East Coast, UBS announced that it would essentially be getting out of the investment banking business and focusing its energy on wealth management, letting go of approximately 10,000 employees as it transitioned back to its tax evading roots. That was Monday morning, and while the bank had said that it planned to start cuts on Tuesday, most people assumed that the Swiss would wait at least 24 hours between the time Connecticut Governor Dannel Malloy told residents to seek safety from the storm on their roofs, or power for the many who lost it was restored, to can a bunch of staff. Those people, however, thought wrong. Apparently when UBS decides to do something, neither wind nor rain nor is gonna stop them.

    / Oct 31, 2012 at 10:11 AM
  • ubs_1396475c

    News

    Layoffs Watch ’12: UBS Has Something To Share

    Management has decided to burn the investment bank down and start fresh. Basically.

    UBS is set to unveil a radical downsizing of its struggling investment bank next week in a move that will prompt the loss of up to 10,000 jobs across the Swiss banking group. Switzerland’s largest bank by assets will significantly shrink the trading side and complexity of its investment bank and as a consequence also cut thousands of jobs in its back office over the next few years, three people close to the situation said. The job cuts will amount to almost a sixth of the bank’s workforce of 63,500 at the end of June. They will not happen all at once and the precise number is still unclear… It comes on top of another – still ongoing – programme announced last year to cut 3,500 jobs. The new strategy, hammered out in several executive board meetings in New York this week and set to be announced next Tuesday, will lead to the closure of a sizeable part of UBS’s fixed-income trading operations and other capital-intensive areas of the investment bank.

    UBS To Cut Up To 10,000 Jobs [FT]
    Related: UBS’s Investment Banking Head May Have To Slash His Own Expenses “Like A Jewish Shopkeeper”

    / Oct 26, 2012 at 3:51 PM
  • News

    Layoffs/Hiring Watch ’12: UBS

    The Swiss bank is said to be planning a big round of cuts in the investment bank with the aim of saving a bunch of money, which it will then spend on luring in “more promising talent.”

    is embarking on a new round of job cuts within its investment bank, according to people familiar with the matter, as the Swiss bank grapples with a downturn in business that shows few signs of abating and considers a further restructuring of the division. UBS will begin notifying employees Wednesday of a new round of job cuts totaling roughly 400, the people said. Additional job losses that could run into the thousands may quickly follow. According to one of the people, there is a “good probability” that when UBS discloses its third-quarter results next Tuesday, it will make clear which businesses it intends to focus on in the years to come, and which ones it will de-emphasize…This week’s jobs cut will be spread roughly evenly across North America, Europe and Asia, one of the people said. They will fall more or less evenly on fixed-income trading, equity trading and corporate finance, although the latter will bear slightly more of the brunt than the former two divisions.

    While these job cuts are mainly mean to cut costs, they are also part of a plan to cull the worst performers from the investment bank’s ranks and create room for it to hire more-promising talent, one of the people said.

    UBS Plans More Job Cuts [WSJ]

    / Oct 23, 2012 at 3:39 PM
  • News

    Layoffs Watch ’12: Barclays

    Cuts are said to have gone down with more a-comin’.

    Barclays PLC is cutting about 50 employees from its equities business, the latest effort by the British bank to reduce costs at its investment-banking arm. A week ago, the U.K. lender announced internally that about 10% of the jobs at its equities business across Europe, Africa and the Middle East would be lost, a person familiar with the matter said Friday. During the first half of the year, Barclays’s equities and prime services business, which employs about 500 people, saw revenue fall 12% on the year to £973 million ($1.57 billion). The business has suffered as market volumes have dried up in recent quarters…The work-force reduction could be a taste of things to come for Barclays’s investment bank. At the beginning of 2009, former Barclays Chief Executive Bob Diamond hired more than 400 bankers, mainly in equities and research, as part of a drive to turn the predominately debt-focused bank into a multi-asset powerhouse. Following Mr. Diamond’s departure in the wake of a rate-fixing probe, new CEO Antony Jenkins has started a review of the bank’s businesses to assess their profitability and whether and how they affect the lender’s reputation. This, combined with tougher regulatory requirements, is expected to result in Barclays shrinking its investment bank, analysts say.

    Barclays To Cut 50 Equities Jobs [WSJ]

    / Oct 19, 2012 at 6:26 PM
  • News

    Layoffs Watch ’12: Brian Moynihan Wasn’t Joking About Cutting Thousands Of Employees

    Would’ve been quite the gag but no, he was serious, in case there was a question in anyone’s mind.

    Wall Street workers got another warning shot across the bow as the nation’s biggest banks gear up to report third-quarter results beginning today. Bank of America chief Brian Moynihan yesterday said that he planned to make good on a springtime plan to cut a whopping 30,000 workers from the sprawling Charlotte, NC-based bank’s work force. “As we continue to get through the mortgage issues at Countrywide, you’ll see the head count come down substantially,” Moynihan told Bloomberg Television. Moynihan has been struggling to put the lumbering bank on a diet and shed nonessential businesses and workers in an effort to reverse the course embarked upon by his predecessor, Ken Lewis. The former CEO hastily gobbled up mortgage giant Countrywide Financial and Merrill Lynch at the height of the financial crisis. In a plan dubbed “New BAC,” Moynihan’s pink-slip program will trim 10 percent from its work force of 275,000.

    [NYP]

    / Oct 12, 2012 at 12:56 PM
  • News

    Layoffs/Bonus Watch ’12/13: Morgan Stanley

    Back in January, Morgan Stanley CEO James Gorman sent a simple messages to his employees, who had been grumbling about their pay: STFU or GTFO. “You’re naive, read the newspaper, No.1,” Gorman told Bloomberg he would say to any members of his staff that wanted to give him lip about their compensation to his face. “No. 2, if you put your compensation in a one-year context to define your over all level of happiness, you have a problem which is much bigger than this job. And No. 3, if you’re really unhappy, just leave.” Today, in an interview with the FT, Gorman reiterated his stance and added that in addition to reducing compensation for current employees, the bank will likely be drastically cutting pay for future analysts. If anyone has a problem with that, consider applying for a gig at Bank of Mythical Pre-Crisis Era Bonuses. Alternatively, Gorman is happy to discuss a compensation plan in which you’ll be awarded shares of his foot in your ass, which vest immediately.

    In the latest sign of the pressure Wall Street is under to cut costs and address high pay levels, James Gorman, chief executive, said that staff and remuneration would have to be sacrificed as banks cope with lower profits. “There’s way too much capacity and compensation is way too high,” Mr Gorman said in an interview with the Financial Times. “As a shareholder I’m sort of sympathetic to the shareholder view that the industry is still overpaid.”

    Morgan Stanley itself is already axing 4,000 jobs, 7 per cent of its workforce, by the end of this year. In the new year, Mr Gorman said, the bank will consider its next round of cost-cutting, including lower pay and bonuses. News of further pay cuts, including potentially for new entrants at the investment bank, comes just weeks after Goldman Sachs confirmed it was overhauling its well-known entry-level programme for analysts. Goldman was said to have tired of the number of analysts in the programme who left the bank for hedge funds. Mr Gorman said that Morgan Stanley will probably keep its own analyst programme, but pay could be reduced significantly.

    Morgan Stanley Chief Warns On Wall Street Pay [FT]
    Earlier: James Gorman To Employees: STFU Or GTFO

    / Oct 5, 2012 at 11:48 AM
  • News

    Layoffs Watch ’12: Bank Of America Australia

    The House of Moynihan has said goodbye to a bunch of employees down under.

    Bank of America Merrill Lynch has begun a new round of job cuts in Australia, a person familiar with the matter told Deal Journal Australia, becoming the latest investment bank to cut costs amid light deal flow and sluggish equity markets due to the stuttering global economic recovery. Fewer than 10 staff from the bank’s equities sales and trading division have been let go, the person said, without elaborating further.

    Bank of America Merrill Lynch Cuts Staff in Australia [Deal Journal]

    / Sep 27, 2012 at 5:24 PM
  • News

    Bank Of America To Fire A Bunch Of Employees Just For Fun

    Actually, we don’t know several dozen employees in  the bank’s global markets unit in Asia are going to be fired, only that these cuts are not part of Project New BAC (the company’s plan to save $8 billion by laying off 40,000), so “just for fun” is one possibility.

    Bank of America plans to cut about 40 jobs at its global markets unit in Asia, a person with knowledge of the matter said. The reductions aren’t part of the Project New BAC program announced last year to pare expenses, according to the person, who asked not to be identified because the matter is confidential and declined to provide additional details. Shirley Wong, a Hong Kong-based spokeswoman for the Charlotte, North Carolina-based bank, declined to comment.

    [Bloomberg]

    / Sep 26, 2012 at 7:18 PM
  • News

    Layoffs Watch ’12: Bank of America

    More cuts are expected at the House of Moynihan this week.

    “Project New BAC axe is rumored to be coming out tomorrow. Expecting major headcount reduction in Equity Sales + Trading amongst other things.”

    / Sep 26, 2012 at 3:10 PM
  • News

    Layoffs Watch ’12: RBS

    Like Bank of America, RBS has some big goals for the coming year, chief among them being the firing of several thousand investment bankers. (For those skeptical they can do it, according to a PowerPoint presentation presented yesterday, re: the “exits,” quite a bit of progress has already been made.)

    Royal Bank of Scotland, Britain’s biggest government-owned lender, said it will cut 300 more jobs at its investment banking unit and is “on track” with its plan to exit businesses. RBS will eliminate 3,800 jobs at the division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts Monday. About 3,000 of the cuts will have completed this year, RBS said…The bank’s control of costs is “ongoing,” said Chris Kyle, chief financial officer of markets and international banking, at the presentation. “We will almost certainly hit this year’s number” in terms of the guidance, he said.

    Royal Bank Of Scotland Cuts 300 More Jobs At Investment Bank [Bloomberg]
    RBS Markets Investor Roundtable [RBS]

    / Sep 25, 2012 at 12:56 PM
  • News

    Layoffs Watch ’12: Nomura

    London employees are not the only ones being sat down for uncomfortable conversations.

    “FYI: Heavy cuts at Nomura across banking and equities today in the US as well.”

    / Sep 20, 2012 at 1:25 PM
  • News

    Bank Of America Hoping To Fire Thousands Of Employees In Record Time

    Remember Project New BAC, i.e. Bank of America’s plan to transform itself from Ken Lewis’s house of fun, where everyone went home happy but the concept of making money was less of a focus than keeping the good times coming, to an institution that did things like post profits? The bank has said previously that PNBAC “will result in $8 billion in annual savings by 2015—$5 billion from the first phase and $3 billion from a second phase” and while it stands by those figures and remains committed to cutting as many employees as it takes, some people would like them to be a bit snappier about it.

    Bank of America is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year’s end—cuts that would see the company relinquish its title as U.S. banking’s largest employer. The proposed year-end total of 260,000 would be the lowest count since 2008 and likely give Bank of America a smaller workforce than JPMorgan Chase, Citigroup, or Wells Fargo…Chief Executive Brian Moynihan is trying to speed the company’s transformation into a smaller and more efficient operation as he tries to persuade investors that expenses can be adjusted to compensate for revenue lost to new regulations, an uneven economy and shaky markets. Since becoming CEO in 2010, he has shifted away from a nationwide expansion strategy embraced by his predecessors Hugh L. McColl Jr. and Kenneth D. Lewis, and shed many of the businesses that he considers to be nonessential…Hitting the new staffing target would fulfill a year early Mr. Moynihan’s pledge to slash the bank’s workforce by approximately 30,000. “If they want to make any headway toward improving profitability,” said Sterne Agee & Leach Inc. senior banking analyst Todd Hagerman, “they need to accelerate the timeline.”

    Bank Of America Ramps Up Job Cuts [WSJ]

    / Sep 20, 2012 at 8:39 AM