Apparently a bunch of employees have been notified their services to the firm are no longer necessary.
"Layoffs Jefferies started earlier this week-- has impacted all the levels in IBD from secretaries to MDs. Severance is two weeks/year of service with two months of health insurance."
Cuts are said to have down at the best paid bank on Wall Street. "Significant layoffs at Jefferies yesterday, today and more to come in IB. Nine from industrials group alone. Cuts go from 1st yr analyst to SVP. Some groups (m&a, healthcare) still waiting to hear..."
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."
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
Cuts were said to have gone down at the House of Dougan this week. "Layoffs at Credit Suisse this week, mostly Wednesday and Thursday. ASO / VP level in IBD groups in New York (TMT, Energy, Industrials, Sponsors)."
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]
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]
Unfortunately-timed cuts are said to have gone down this morning. From the front lines: "Over 30 IBD analysts cut at UBS in New York today. 2 days before bonus announcements..."
