St Valentine's Day Massacre - More Jobs Go
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And again, it's the fixed income boys and girls that are the most vulnerable. Confidential sources tell us that up to 95 bankers in fixed income are expected to be tapped on the shoulder at Citi today and let go, including a few unlucky Managing Directors. And, as UBS announced a fourth-quarter loss of $11.3bn after $13.7bn in asset write downs, the bank said that it couldn't rule out further job losses in fixed income, warning that 2008 would be 'a difficult year'.
Reuters reports that Morgan Stanley is 'trimming' its oil trading operations. A spokesperson said in a written statement that 'we are resizing some of our institutional securities businesses as well as relocating a number of resources to those businesses and regions where we see the best potential for growth'. The firm also confirmed Wednesday that it is shedding 1,000 jobs by cutting headcount in its US residential mortgage business, and closing its UK Advantage Home Loans operation.
The Financial Times reports that Merrill Lynch has reduce headcount in its commercial real-estate and prop trading operations in Japan, while Citi's latest restructure is thought likely to result in significant job losses over at Nikko Citigroup.
Finally, some interesting stuff about bonuses. UK 'think-tank' the Centre for Economics and Business Research is predicting that the average City banker will see his or her 2007 bonus down 16% on 2006, with some bonuses down over 60%.
CityAm also reports that staff over at broker Collins Stewart are suspicious that they have recently been getting better fare served up for breakfast. The thinking goes that the fine cuisine is designed to take their mind off the prospect of smaller bonus payouts ( the firm is to soon to advise staff of their numbers). An unnamed banker is quoted, saying that 'it'll take more than a freshly squeezed orange juice and frothy coffee to keep me happy!'.
Finally, we have been tipped off that there has been some bonus dissatisfaction over in the London FX unit of a major US bank currently going through a significant headcount adjustment. A salesperson who is said to have generated some $6m in revenues last year is believed to have been offered a $3,000 bonus for his efforts in 2007. He is said to have refused it, and is thought to be currently looking for another job. Another more senior FX salesperson, who claims to have brought in $20m of revenues last year, is said to have been told he would get the princely sum of $90,000. He is said to have advised his boss that the bank could stick that bonus 'where the sun don't shine'.
