A gaggle of employees in leveraged finance were told to leave at not come back at HSBC across the pond this afternoon. Severance is apparently 6 months. Asses in the US are so far intact (this morning) but "rumors are obviously flying."
Layoffs Watch '15: HSBC Probably Going To Cut 20,000 Jobs
Or it could be a mere 10,000. The details are still being hammered out.
Hiring/Layoffs Watch '12: New York Good, London Bad
Relatedly, Goldman is looking for some young bodies. Financial firms in London, besieged by Europe’s sovereign-debt crisis, probably will shrink their workforce this year, snapping a hiring rebound from 2008’s credit crisis as New York’s industry ekes out job growth. Banks, insurers and other financial-services firms may eliminate about 3,000 jobs across greater London as companies in the New York region add 9,000, according to U.K.-based researcher Oxford Economics Ltd. London’s proximity to the debt crisis is undermining the city’s efforts to gain on its trans-Atlantic rival. While Wall Street also is suffering from a global slowdown in trading and deal-making, North American banks are benefiting from a surge in consumer lending...Some large banks are offsetting senior-staff reductions by recruiting less-expensive workers. New York-based Goldman Sachs, seeking to cut $500 million of costs, expects its workforce to feature a greater proportion of junior employees by year-end, Chief Financial Officer David A. Viniar, 57, said July 17. “Wall Street is tilting toward younger, up-and-coming talent,” Kahn said. London Firings Seen Surging As Finance Firms Add Jobs In NY [Bloomberg]
Layoffs Watch '16: Only YOU Can Help HSBC Cut $5 Billion In Costs
Employees across the pond know what we're talking about.
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.