Top Firms Said Preparing To Cut Up To 15% Of Staff
More in BUSINESS NEWS
back-up- Meet Goldman Sachs' Newest Managing Directors
- Geithner On Financial Regulatory Reform
- Free Job Postings Until 31.03.2010
- Bank Tells Staff To Knock Off Early To Make Babies
- 'Do I Seem Like A Guy Who Throws Chairs ?'
- Best Place To Work Update
- Office Humour - Warning, Some May Find This Offensive
- City Bankers Prepare For Disaster Scenario
- John Thain Defends Wall Street Bonuses
- Click Here To Register For Free News E-Mail Alerts
- Lazard Names New CEO
- Top Firm Told To Give Up Bonuses
- Government Accused Of Botching Major Bailout
- UBS Reveals Its Hand
- The Dash For Trash
- Too Big To Fail
- 'Sorry - But Christmas Is Cancelled'
- Regulator To Have Power To Tear Up Banker Pay Contracts
- IT Programmers Accused Of Being Madoff Accomplices
- Cityboy On Corporate Social Responsibility
- Top Firm To Unveil Turnaround Strategy
- The Obvious Candidate To Succeed Ken Lewis Is Ken Lewis
- Quit The UK To Avoid Higher Taxes - Poll Results
- Bankers Forced To Take Second Jobs To Make Ends Meet
- Goldman Kitten Payments Go A Stray
- More Compensation News
- Best Place To Work 2010 - Vote Now
- Banker Eye Test
- Goldman Sachs - View From The Top
- The Lloyd's Prayer
- Exec Claims Hedge Fund Boss Hired Hit Man To Kill Her
- $125m-A-Year Banker's Wife Says She Was Treated Like 'Mail-Order Bride'
- 'The Sell Out'
- 'Many Of You Have Seen Life Savings Vanish'
- Tough Times For Expenses - £5 For Lunch
- Tragic Banker Rehearsed Suicide Before Killing Himself
- Bear Stearns Fraud Case - The Verdict
- Even More Compensation News
- CEO Says That History Will Vindicate Him
- Traders Desperate To Get 'The Clap'
- Reservoir Gods
- Who Was Mr Angry During The Financial Crisis ?
- JPMorgan Chase Compensation Letter
- Regulator Warns - 'Yes, That Does Mean People Go To Jail'
- Brokers Complain Of Bailed-Out Banks Bullying Tactics
- Best Place To Work - Previous Winners
- Best Place To Work 2009 Results - The Top 100 Firms
- CEO Says He Could Top Himself & People Would Cheer
- Top Firm Hires 78-Yr-Old / Ex-Boss Says 'Sorry' For Citigroup
- Top Firm Said To Be At Loggerheads
Related Content
- Top Firms Said To Have Lost $400m On Hedge Fund (29/10/2009)
- Top Firms Finally Hit By H1N1 Threat (06/11/2009)
- Top Firm Puts More Aside For Staff Compensation (30/10/2009)
- Top Firm CEO Says He Won't Poach Staff From Rivals (28/10/2009)
- Worldwide M&A - Who's Top Dog Where (04/10/2009)
- Top Firm Said To Be At Loggerheads (09/11/2009)
The news agency says that Merrill Lynch is thought likely to cut up to 10,000 jobs as the firm nears its merger with Bank of America, and gets its headcount in line with revenue projections. Morgan Stanley is said to be readying to cut heads, and could take headcount down by as much as 15%. Goldman and JPMorgan's investment banking division are thought to be preparing to cut between 10 - 15% of its staff because of the global economic slowdown.
The New York Post reports that a significant number of Merrill Lynch's US brokers are thought likely to leave the firm as they are said to be unhappy with the (lack of) retention bonuses on offer by Bank of America. The newspaper says that Merrill estimates that up to 15% of the firm's 16,800 financial advisors will leave the firm, as 50% of the salesforce will not be offered a retention bonus. High-performers who generate over $1m in revenues per annum, however, will be given decent incentive packages to ensure that they remain on board.
The Financial Times reports that the Goldman Sachs Investment Partners hedge fund has lost almost $1bn since its launch in January. The fund managers confirmed that they were 'disappointed with our performance'.
Finally, The New York Times reports that David Pajcin, the former Goldman analyst who was convicted of operating a $6.7bn insider trading ring, may have fled the United States. Pajcin was arrested in November 2005. He assisted US prosecutors and was eventually given 3 years probation in consideration of the 2 years he in was held in custody. He is now thought to have left the country, which would be a violation of his parole terms.
Finally, some good news. The Independent reports that Morgan Stanley has officially called time on the bear market. The firm's analysts said in a report issued this week that 'we have now come full circle: our market timing indicators are giving us a full house buy signal. Each of the four indicators - valuation, capitulation, risk, fundamentals - tells us to buy (equities)'.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
