Layoffs

  • News

    Layoffs Watch ’12: Goldman Sachs

    The summer cuts continue. Goldman Sachs Group Inc (GS.N) cut several dozen jobs from its U.S. operations on Thursday, aiming to cut costs amid a slowdown in capital markets activity, three people familiar with the matter said. Goldman cuts jobs across U.S. offices [Reuters]

    / Jun 28, 2012 at 6:54 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    While Brady Dougan is keeping his job, the same cannot be said for 1/3 of European investment bankers.

    Credit Suisse is to cut senior staff in its European investment banking department by up to a third, three sources familiar with the matter said, as tighter regulation and weak markets hit the sector. “In the European investment banking business, they are going to get rid of 60 directors and managing directors,” one source said on Monday. The investment banking department affected advises on mergers and acquisitions, stock market listings, financing and debt issues, as opposed to other areas of the broader investment bank that focus on securities trading. “It is about a third of the directors and 10-15 percent of the MDs,” the first source said, referring to what are typically two most senior job ranks in the banking world. The layoffs would happen in July, this person said. The formal redundancy process can last several months. A second source said the cuts could end up affecting 20-30 percent of senior investment banking staff in Europe.

    Credit Suisse To Make Heavy Job Cuts In Europe [Reuters]

    / Jun 25, 2012 at 3:23 PM
  • News

    Layoffs Watch ’12: Asia

    The bad news is that Goldman Sachs, Deutsche Bank, UBS, and others have been making cuts and are expected to continue to do so. The good news is that not everybody is upset about it.

    Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the equities business, with more layoffs expected in coming weeks. CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the banks and brokerages that cut jobs, the sources said…The Asia cuts also come at an unexpected time, when expatriate finance professionals are preparing to hunker down for the summer while their families head home for the holiday. “I’m disappointed, but in some ways I’m glad I was cut early in this round, because everyone is looking over their shoulder,” said Cassandra Lister, who was recently let go as a managing director at Societe Generale in Hong Kong. “They’re looking around and wondering ‘Am I next?’ It’s a horrible work environment.”

    Asia’s Investment Banks Launch Round Of Job Cuts [Reuters]

    / Jun 25, 2012 at 11:44 AM
  • News

    Layoffs/Hiring Watch ’12: RBS

    The bad news is that 600 of the Queen’s corgis are being let go. The good news, while it probably comes as little solace to those who will no longer receive birthday chickens, is that 300 or so new ones will be hired in their place.

    State-backed lender Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year, bringing total staff reductions at the bank since its 2008 bailout to around 36,000. RBS, 82 percent owned by the government, said the jobs would go as a result of new UK rules requiring retail financial products such as savings and investment vehicles to be sold by more highly qualified staff and charged a fee. “As a response to this we will be reducing the number of roles by 618 across the UK and creating 351 new roles,” an RBS spokesman said on Tuesday. “Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support. We continue to make efficiencies across our business to deliver greater value to our customers and shareholders,” the spokesman added.

    RBS Job Loss Hits 36,000 [Reuters]

    / Jun 19, 2012 at 2:20 PM
  • News

    Layoffs Watch ’12: UBS

    The firings continue, and the timing is impeccable.

    / Jun 7, 2012 at 6:34 PM
  • News

    Layoffs Watch ’12: Goldman Sachs, Morgan Stanley, Citigroup, Barclays?

    Supposedly summer cuts are under consideration at all firms.

    Morgan Stanley is planning to eliminate about 100 trading jobs internationally in the next several weeks — with an unknown number of the cuts coming from New York. At Goldman, executives are likely to let the hatchet fall if the slowdown in trading doesn’t reverse itself, bank officials have said…Goldman is already cutting selectively among its middle-management ranks but could cut even deeper, sources explained. Goldman CFO David Viniar has told people that the firm may have to undergo a “right-sizing” again if the markets’ rocky road doesn’t improve, according to sources. And it’s not just Goldman and Morgan. Industry sources said that a number of other firms, including Citigroup and Barclays Capital, may also look to trim staff.

    [NYP]

    / Jun 5, 2012 at 2:12 PM
  • News

    Layoffs Watch ’12: Goldman Sachs

    A whole bunch of senior people were to pack up their things and leave last Thursday.

    Goldman Sachs laid off about 50 people last week, according to people briefed on the matter but not authorized to speak on the record. The cutbacks have rattled some people in the firm, in part because a number of the employees were managing directors and on the higher end of Goldman’s pay scale.

    We’re also told that “good performers, not dead weight” were among those cut, which must doubly sting.

    Goldman Sachs Cuts A Little Deeper [NYT]

    / Jun 5, 2012 at 8:49 AM
  • News

    Layoffs Watch ’12? Deutsche Bank?

    Mr. Jain, 49 years old, played a central role in building Deutsche Bank’s investment-banking business over nearly two decades as it reached beyond its staid commercial-banking roots. Investment banking now generates about 70% of the overall bank’s profits most quarters. He takes the [CEO] post at a time when many analysts consider the lender one […]

    / May 31, 2012 at 6:05 PM
  • News

    Layoffs Watch ’12: UBS

    Cuts are said to have gone down at the Swiss bank today.

    “Layoffs at UBS IBD, as if moral wasn’t low enough at 299 Park. M&A, FIG, TMT affected.”

    / May 23, 2012 at 6:49 PM
  • News

    Layoffs Watch ’12: JPMorgan

    Some people are keeping their London-based gigs (for now) and some people are not.

    JPMorgan Chase, the biggest U.S. lender by assets, will eliminate 20 investment-banking jobs in London as market conditions weaken, according to a person with knowledge of the cuts. The staff cuts aren’t related to the $2 billion loss at the New York-based company’s chief investment office in London, said the person, who asked for anonymity because the investment bank reductions haven’t been made public.

    [Bloomberg]

    / May 16, 2012 at 6:07 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    The Swiss bank is not done with its firings.

    Credit Suisse, the second- biggest Swiss bank, told New York state regulators it will eliminate 126 jobs in Manhattan over the coming months. The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will extend through Aug. 6, the bank wrote in a Department of Labor filing. The firm decided last year to scale down its investment bank and said it would cut 3,500 jobs.

    [Bloomberg]

    / May 15, 2012 at 7:18 PM
  • News

    Layoffs Watch ’12: Bank Of America

    The aforementioned layoffs are said to begin this week.

    “FYI: BofA cuts are expected to start Thursday, thought to be 20% across the board in IB. All levels affected but with 2nd and 3rd year VPs who are not going to make director, of which there is a glut, hit especially hard. If you’re a first year VP (without acct coverage responsibilities), you’re probably going into the superpods.”

    / May 8, 2012 at 11:56 AM
  • News

    Layoffs Watch ’12: Bank Of America

    In April 2010, Bank of America said ENOUGH. Enough with this losing of money business. We want to know what it’s like to have a quarter in which we actually make a little– wouldn’t that be something? As this was a very lofty goal for the firm, the higher-ups knew they had to get serious– really focus and hone in an on plan of action. First, they gave their new (money-making) mission a special codename: Project New BAC. Then, 44 executives “fanned out around the company to ask employees low- and high-level for ideas on how BofA [could]…reduce expenses.” As we now know, what they came up with re: the reduction of expenses was that 30,000 people should be fired and over the last year, exactly that has happened. And even though a whole bunch of senior people have quit, which has helped the bottom line a bit, it hasn’t been enough for meddlesome investors to put a sock in it re: “reining in expenses” and “profit outlook” in general. So, a couple things are going to happen: 1. A whole bunch of well-paid* bankers are going to be escorted out of the building and 2. In order to pick up the slack left, clusters of junior bankers are going to put in a van which will drop them off in whatever division needs them most at the time.

    The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation. Those operations were vastly expanded with Bank of America’s 2009 purchase of Merrill Lynch & Co. The reductions are significant because of whom they target: the high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America’s profit since the financial crisis. The cuts come on top of a plan announced last year that will see Bank of America eliminate 30,000 jobs over three years in its consumer banking divisions…The No. 2 U.S. bank by assets already is facing a wave of high-profile defections in its institutional businesses, such as investment banking, amid Wall Street’s annual post-bonus job-hopping season. The upheaval comes as investors are pressuring banks to rein in expenses without giving ground competitively. Despite a 46% rise this year, Bank of America shares have lost a third of their value in the past year, amid questions about the industry’s profit outlook.

    Cutbacks aren’t Bank of America’s only response to surging costs. The bank is loath to cut too deeply in businesses, such as the fixed-income trading operation, that are showing improvement and highly competitive. One structural shift being planned will pool junior investment-banking employees across different industry sectors so the younger bankers can be routed to whatever area is most in demand at that moment, said people familiar with the situation. Proponents say that move will help younger workers gain more experience, while others say it will detract from the bank’s service to clients.

    BofA To Cut From Elite Ranks [WSJ]

    *For BofA.

    / May 1, 2012 at 10:27 AM
  • News

    Layoffs Watch ’12: Credit Suisse

    Cuts are going down at the House of Dougan today.

    From the front lines:

    “Layoffs started at Credit Suisse this morning, across the investment bank. All levels affected, including a good amount of senior guys.”

    Apparently these reductions are part of a round cuts announced last year and were to be expected (though the “let’s have a chat” from HR this morning may still have been a slight surprise for those being asked to take a seat).

    / Apr 24, 2012 at 11:44 AM
  • News

    Layoffs Watch ’12: Investment Bankers, Everywhere

    Gird your loins.

    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]

    / Apr 23, 2012 at 1:58 PM
  • News

    Layoffs Watch ’12: Bank Of America

    …needs a few more years to get through its “cost-cutting initiative.”

    Head count dropped by 3,000 from last quarter, the bank said today. Bank of America this quarter entered the second phase of “Project New BAC,” its companywide cost-cutting initiative, targeting a $5 billion reduction in spending by the bank by the end of 2014. Some of that will come from job cuts, the bank has said, as it plans to reduce the number of positions at the bank by 30,000 over the next three years…The current phase of New BAC will be focused on saving money in its commercial banking, global wealth and investment management, world-wide corporate banking, global markets and some support functions. The spokesman could not confirm that future reductions will be limited only in these businesses, as “some of the ideas that came from Phase 1 will take a number of years to implement.”

    [FINS]

    / Apr 19, 2012 at 2:50 PM
  • News

    Layoffs Watch ’12: Credit Suisse, Maybe

    The Swiss bank might cut 5,000 employees or it might not.

    / Apr 16, 2012 at 10:37 AM
  • News

    Layoffs Watch ’12: Barclays Capital

    Cuts are said to have begun today across the pond.

    FYI: ‘Consultation process’ (job cuts) at BarCap London start this week. No indication of scale. Same day as [UK governance watchdogs] PIRC and ABI put firm on Amber Top alert due to exec compensation… troops not happy.

    / Apr 11, 2012 at 11:53 AM
  • News

    Layoffs Watch ’12: Bank Of America

    On the one hand, Brian Moynihan et al plan to cut staff next month, which hurts. On the other, they’ve been firing off warning signals that employees may want to explore their options elsewhere, so that’s nice.

    “Ahead of expected cuts at the House of Moynihan in the Apr-May timeframe, a lot of juniors are being pulled into conference rooms and told it might be in their interest to “reach out and have a chat” with other groups. Reshuffling and reallocation are well underway. No rhyme or reason as far as we can tell regarding why some analysts and associates are being nudged and others aren’t (some top bucketed guys got nudged, and some bottom feeders got nudged as well).”

    / Mar 30, 2012 at 5:58 PM
  • ubszurich2-260x195

    News

    Layoffs Watch ’12: UBS

    The Swiss are not yet done with their firings.

    “FYI, layoffs going down right now in IBD at UBS as well.”

    / Mar 29, 2012 at 2:50 PM
  • UBS

    News

    Layoffs Watch ’12: UBS

    Cuts are said to be going down circa now.

    “FYI: UBS is letting people go on the sales and trading desk today. At least three senior guys have been let go so far this morning, with more on the way.”

    / Mar 28, 2012 at 12:08 PM
  • News

    Layoffs Watch ’12: JPMorgan

    The House o’ Dimon has said to be letting some people down gently today.

    “Big equities cuts today at JPM. 10% ish of floor? Gone. A good deal of senior people but a smattering of associates and analysts as well. Seems like a general restructuring, every group affected.”

    / Mar 20, 2012 at 2:00 PM
  • News

    Layoffs Watch ’12: Bank Of America

    Project New BAC continues at apace.

    “Cuts going down this morning in all areas of BofA equities. MDs and directors so far.”

    / Mar 19, 2012 at 10:52 AM
  • News

    Layoffs Watch ’12: Macquarie

    Cuts are said to be coming next week.

    “FYI: Layoffs next week at Macquarie in New York, mostly at the SVP and MD level, right before their FY-end. Not much in terms of bonus pool given weak deal flow.”

    Related(-ish): Macquarie Bank Miranda Kerr Enthusiast On A Time Out ‘Til Superiors Decide What To Do With Him

    / Mar 15, 2012 at 10:46 AM
  • News

    Layoffs Watch ’12: Barclays

    Cuts are said to have gone down in Bob Diamond’s den yesterday.

    “FYI: layoffs yesterday at Barclays Capital. Lev Fin was hit hard (though Barclays was nice enough to do the cuts after bonuses were handed down, in addition to giving 1-month’s pay).”

    / Mar 2, 2012 at 10:51 AM
  • bradydougancreditsuisse

    News

    Layoffs Watch ’12: Credit Suisse

    Cuts are coming to the House of Dougan next month.

    / Feb 24, 2012 at 11:58 AM
  • philandlisafalcone

    News

    Layoffs Watch ’12: Phil Falcone’s Passion Project Forced To Make Difficult Decision

    Those affected should take heart knowing it’ll all be worth it in the end.

    / Feb 21, 2012 at 6:43 PM
  • News

    Layoffs Watch ’12: JPMorgan

    Cuts are said to be going down tomorrow.

    / Feb 15, 2012 at 4:28 PM

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