Bloodbath As Top Firm Prepares To Axe 25%
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According to the newspaper, the bank is expected to inform staff as early as Wednesday that they are 'at risk' of losing their jobs. A significant number of the job losses are thought likely to come in Amsterdam, with many London-based bankers looking vulnerable too..
The Evening Standard also reports that Mizuho Financial Group looks likely to axe 100 London-based jobs in the firm's securitization unit. The Daily Telegraph says that French bank BNP Paribas is planning to let 25 more staff go in fixed income in London, and The Irish Independent reports that 16 Merrill Lynch staff in Dublin lost their jobs last week. Job losses in the 750 person unit are thought unlikely, however, to affect more than 30 employees in total.
The newspaper also reports that, according to London-based recruiters, investment banking job vacancies have fallen up to 90% since the market turmoil started in August. The position in investment management is said to be 'not as dire', with new job vacancies down around 40% since the start of the credit crisis.
