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Lunchtime Links: Cuts at Credit Suisse, Commerz, Nomura, Carlyle, State Street, Jefferies, Macquarie and…CNBC....
4 December 2008
Everyone who’s anyone is cutting staff today. However, Credit Suisse (CS) is cutting most enthusiastically. Earlier revelations of 500 job cuts in its securities unit have been clarified with the news that the Swiss bank will be cutting headcount by 11% and reducing investment banking headcount by 17%. Particularly aggressive chopping is expected at CS on Wall Street, but 650 jobs will go in London and another 650 will go in Switzerland, according to The Guardian. Financial News reports that CS will be particularly targeting prop traders. And The Independent reports that 1,400 CS contractors will find themselves surplus to requirements. Private bankers have less reason to panic: Bloomberg cites Brady Dougan as saying that the bank will “judiciously invest in the growth of private banking globally”. It’s hired 370 new client advisors this year already.
No more prop trading at Commerzbank (FT).
Nomura cutting up to 1,000 staff in London (Independent).
Nomura aims to shave 20% off staffing costs, might move into Lehman building (The Times).
Carlyle cutting 10% of staff (DealBook).
State Street cutting middle managers and senior managers (Bloomberg).
Jefferies’ staff additions go in sudden reversal (Financial News).
CNBC may cut 80 people (Reuters).
Macquarie has fired 100 investment bankers, mostly in Australia (allegedly – we hear of cuts in London, too) (Bloomberg).
Julius Baer cutting costs but still hiring private bankers (Bloomberg).
Pandit pans his bonus after all (Reuters).
Profit warning at Michael Page (FT).
New Star staff could pocket £10m in rescue (Telegraph).
Lloyd Blankfein and John Mack having secret affair (Clusterstock).
Peace in Europe drove spotty youths into finance instead of war, caused crisis, says Horlick (The Times).
And it's not only investment banks now, the Big 4 are making job cuts today too!!!!!
abc 04 Dec 2008
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