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."
Author:
Updated:
Original:

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."

Related

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."

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]

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]

Layoffs Watch '12: UBS

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..."

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."