Sunday, June 17, 2012

Grim News: Headcount Reductions' On The Way

There's been a lot of speculation about large scale job cuts in investment banking and wealth management for a few weeks now.  Reuters reports that Societe Generale has downgraded Credit Suisse to 'sell' from 'hold', saying that the Swiss firm remains heavily leveraged and adding that expectations on investment returns and a subsequent increase in assets under management at the Swiss bank are still too high.

SocGen also said that, in general terms, European banks can expect poor revenues from debt capital markets and exceptionally low trading volumes in fixed income and equity markets.

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