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Lunchtime Links: Asia Pac bubble goes pop
10 December 2008
This time last year, the talk was all of decoupling, ‘Shanghai or goodbye,’ and the relative merits of Philippino over Indonesian maids. It’s since become apparent that Asia Pac and Western economies are doing more than cohabiting. Maids are struggling, and banking redundancies are hitting Asia big time.
Following various Asia Pac job loss announcements in the past few days, bankers in the region were regaled with another set of redundancy revelations this morning. Och Ziff, Deutsche, Macquarie, Citigroup, and (we suspect) ING are all trimming staff in the region. Redundant Western bankers at a loss for where to go next might want to consider Africa instead: in a possible sign of life in the region, Merrill Lynch has initiated coverage of banks in Nigeria.
Goldman cutting 200 people in London today. (Financial News)
Goldman layoffs - rinse, lather, repeat. (Wall Street Journal)
Walking zombies of Wall Street. (Big Picture)
No one wants to be a banker now. (The Times)
You don’t want to get cut from Jefferies. (Dealbreaker)
Nomura pinches someone from Barclays. (Financial News)
Close Brothers’ private equity arm embarks on ‘sustained hiring exercise.’ (Financial News)
Top 10 reasons for the credit crunch. (Wall Street Journal)
Which firm of headhunters was it who just opened up in Hong Kong? Great timing!!!
Oh dear... 10 Dec 2008
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