Monday, July 4, 2011

Job cuts at top banks intensify


According to IFR reports hndreds of bankers will lose their jobs over coming weeks, victims of what senior bosses say is likely to be an industry-wide culling of staff in response to a sharp downturn in demand for trading and investment banking services.

After more than two years of hiring and robust activity, some are now predicting the biggest investment banking lay-offs since the credit crisis, as managers pare back their headcounts in preparation for what many see as a possible prolonged slump in activity.

Credit Suisse, Goldman Sachs, Lloyds and RBS have been the first to move, slashing hundreds of banker positions in recent days. But the consensus seems to be growing within the industry that more banks will soon follow as falling revenues make cost-cutting more urgent.

"Nobody is really prepared for what might come," said one senior capital markets banker at a US firm in New York. "You can't even fill gaps in the business any more because investors expect you to be more disciplined; they are expecting a real focus on the short-term costs
Find out more at http://www.reuters.com/article/2011/07/04/us-britain-banks-jobs-ifr-idUSTRE7633RT20110704

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