Dealbreaker’s Bess Levin writes: Things could be better in
Europe.
Big investment banks in Europe, including Nomura, Credit
Suisse and UBS, are stepping up plans to cut jobs as they seek to adapt to a
drastic slowdown in revenues and tighter regulation. Bank executives,
headhunters and analysts say that the cuts are shaping up as the deepest since
the start of the financial crisis after a disappointing summer dashed hopes of
a business revival. One senior headhunter said many large investment banks will
have “at least 20 per cent” fewer staff in capital markets and M&A advisory
business in Europe by the end of the year compared with late 2011. “It [the
market] has never been as bad as this. Bankers have long lost confidence in
their banks but now they are also losing their self-confidence, their mojo,” a
senior advisory banker said.
Among the banks that will reduce their investment banking
workforce is...
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