Job Loss & Other News
More in BUSINESS NEWS
back-up- Top Firm Really On The Ropes Now
- Concerns Grow Over Big Bank Failures (One Or Two 'Whoppers' Likely)
- The Worst Financial Crisis Poll
- The 'Doughnut' Bonus Poll - The Results
- Bob Diamond's Acquisition Plans, Fortis, Hedge Fund Problems
- 40 Firms Now Joined Our DirectConnect Recruitment Community
- 12 Months Of The Credit Crunch - The Stories That Made The News
- Caption Competition
- Featured Recruiter - Finance Professionals City
- I Wanna Job - Can You Help Me ? (Updated)
- My Firm's Hiring Freeze Is Tip Of The Iceberg
- UBS Investment Bank - A True Dilemma
- Click Here To Register For Free News E-Mail Alerts
- Lehman Expected To Post Another Big Loss
- Pressure Grows On Goldman
- That Steve McLaren 'Double Dutch' Interview
- Life's Most Popular - July 2008
- Another Major Firm's Going Belly Up
- Top Firm Imposes Hiring Freeze
- UBS & 'The Smoking Gun'
- Q2 Profits / Losses Per Employee - League Table
- You Know You Work In The Financial Markets When...
- Barclays, Credit Suisse, Deutsche, KKR, Lehman, Merrill, RBS
- Confessions Of A Subprime Lender - An Insider's Tale
- Best Modern US President / British Prime Minister - The Results
- Auction-Rate Securities Debacle - How's Your Firm Faring ? (Updated)
- A Total Eclipse Of The Brand
- Capital Raised Per Firm Employee - League Table
- Goldman's Third-Quarter Could Be 'One Of Its Worst As A Public Company'
- Latest Other Market News In Brief
- Possibly The Most Suspicious Trades Of All Time
- Trader Gets $300m To Stay With Firm
- UBS Announces Q2 Loss, Will Separate Investment Bank
- JPMorgan Loses $1.5bn In Last Few Weeks
- The Best Of Our Readers' Stories
- Trader Fired Over His 'Saucy' Website
- The League Table Of Shame
- Top Firm May Still Sell Investment Banking Unit
- Dresdner Kleinwort - Uncertainty Comes With The Job Description
- Some Of This Year's Most-Read 'Funnies'
- Barclays, Citi, Refco, RBS, Schroders, SocGen, UBS
- $1bn Banker's Career In Tatters Over 'Indecent Proposal'
- Top Firm Client Told That 'Everyone' Is Leaving
- He Just Called To Say I'm Firing You
- The Greatest Trade Ever
- Q2 Profits - The Winners & The Losers (Updated)
- 'It's Important For Allianz To Get Rid Of Dresdner Kleinwort'
- Top Firm May Buy Back Up To $5bn In Auction-Rate Securities
- Goldman's Profit Outlook Slashed
- Discredited E-Mails Will Still Embarrass Top Firm
Related Content
- More Job Loss News (06/06/2008)
- More Job Loss & Bank Merger News / Speculation (22/05/2008)
- Jobs, Job Cuts & Bonus News (30/06/2008)
- Give Me A Job - The Most Amazing Job Application Ever (08/07/2008)
- Lehman Expected To Post Another Big Loss (18/08/2008)
- Report That Top Firm Looking At Posting Another Big Loss (09/06/2008)
Rumours also abound that UBS has cut 50 staff from its global prime brokerage division. The Swiss bank is to cut an additional 2,600 staff from its investment banking unit as it continues to right-size. Staff over at Calyon are also becoming concerned about their positions, after the firm confirmed last week that it is to take 10% off its fixed cost base following subprime lending-related losses.
On a more positive note, Reuters reports that ANZ is to boost its Hong Kong dealing room staff to over 70 in the coming year (up from 8 staff). The news agency quotes a bank spokesperson who said that it plans to have 'a significant dealing room presence in Hong Kong and Singapore', but declined to give specifics.
Bloomberg reports that Citi analysts have cut its earnings estimates for Goldman, Lehman and Morgan Stanley. A research note confirmed that the estimates were cut to reflect 'lower client-related trading volumes, little in the way of banking activity, losses related to ineffective hedging and reversals of gains on fair value liabilities'.
The Financial Times reports that Australian investment bank Macquarie has indicated that its 16-year unbroken rising earnings streak may be coming to an end. Incoming CEO Nicholas Moore warned earlier this week that 'it will be challenging to repeat last year's record performance, but this may be achievable'.
Finally, Bloomberg reports that money broker ICAP has reported a 23% increase in second-half profits. Net income for the 6 months to March 31st came in at $148m. CEO Michael Spencer said: 'We have benefited from higher volatility. Both our electronic and voice broking businesses felt the positive impact of these higher levels of activity'.
