that’s unfortunate

  • News

    Layoffs Watch ’13: British Banks Are Number One!

    When it comes to telling employees to take a long lunch and not come back.

    / May 28, 2013 at 4:40 PM
  • ken_griffin

    Hedge Funds

    Layoffs Watch ’13: Citadel

    Risk is what you make of it.

    / Mar 6, 2013 at 5:37 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
  • 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: Deutsche Bank

    Cuts are said to have gone down in DB IBD.

    From the front lines:

    “Yet another round of layoffs here (2nd / 3rd round in most groups). Following the same pattern of 2-3 per group to avoid big news. All levels affected. Another possible round coming before year end.”

    / Sep 10, 2012 at 1:03 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans thought about it and decided yes, layoffs sound like a great idea.

    Deutsche Bank said it will eliminate 1,900 jobs, including 1,500 at the investment bank, as part of an effort to save 3 billion euros ($3.68 billion). Deutsche Bank, based in Frankfurt, forecast “substantial costs” to achieve the savings without giving a figure in a statement to the stock exchange today.

    The job reductions are part of a strategy review Anshu Jain and Juergen Fitschen, Deutsche Bank’s new co-chief executive officers, are conducting as the lender grapples with declining revenue from the investment bank, which reported a 63 percent decline in second-quarter earnings today…“The time for vague promises of cultural change in our industry is long gone,” Jain said on a conference call with analysts and reporters. Deutsche Bank’s leaders are “totally determined to act quickly and decisively.”

    Deutsche Bank To Cut 1,900 Jobs In Bid To Save EU3 Billion [Bloomberg]

    / Jul 31, 2012 at 10:25 AM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans are considering sending some bankers to live on a farm upstate, where there’s plenty of fresh air and room to run around.

    Europe’s biggest bank by assets, is considering cutting about 1,000 positions at its investment bank as revenue declines, according to a person with knowledge of the matter. The cuts will be mostly outside Germany, where the firm’s investment banking operations are focused, said the person, who asked not be identified as Deutsche Bank’s plan hasn’t been made public.

    [Bloomberg]

    / Jul 19, 2012 at 11:44 AM
  • 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
  • bradydougancreditsuisse

    News

    Layoffs Watch ’12: Credit Suisse

    Cuts are coming to the House of Dougan next month.

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

    Layoffs Watch ’12: GE Capital

    “100+ got clipped this week in the Real Estate finance group.”

    / Feb 3, 2012 at 1:37 PM
  • News

    Layoffs Watch ’12: BarCap

    Cuts are said to have gone down at the House of Diamond.

    / Jan 27, 2012 at 1:41 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    Cuts are said to have gone down over the past two days.

    / Jan 18, 2012 at 6:56 PM
  • Banks

    Layoffs Watch ’12: Bank of America

    The aforementioned cuts continue, today reaching the newest residents of the House of Moynihan:

    / Jan 17, 2012 at 12:25 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    Cuts started yesterday and apparently the fun is not over yet.

    / Jan 12, 2012 at 11:28 AM
  • News

    Layoffs Watch ’11: RBS

    The bank will apparently be offering a few more details on the cuts management has been mulling over since since the third quarter of last year.

    / Jan 11, 2012 at 1:54 PM
  • News

    Layoffs Watch ’12: Bank of America

    Cuts are expected to go down at Chez Moynihan tomorrow AM.

    / Jan 9, 2012 at 6:05 PM
  • News

    Bonus Watch ’11: Credit Suisse

    Speculation has been going around that some employees will be receiving a whole lot of nothing.

    / Dec 14, 2011 at 4:02 PM
  • News

    Bonus Watch ’11: Jefferies

    Good news and less good news. The good news: junior mistmakers needn’t worry much about the new rule stating that one’s bonus will be taken back should he/she leave the firm for greener pastures less than a year after the money hits the bank. The less good news:

    / Dec 14, 2011 at 11:49 AM
  • News

    Layoffs Watch ’10: RBS

    The Queen has a holiday surprise for her corgis. Ten percent of them are getting fired.

    / Oct 13, 2010 at 11:45 AM

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