290,000 Jobs Likely To Go In London Before End Of 2011
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The report says that London's 'exposure to financial services poses risk for the London economy should the downturn in this sector prove prolonged, which appears possible'. The capital is therefore likely to see contractions in employment in 2009, 2010 and 2011, with up to 290,000 jobs being lost through 2011.
And the Centre for Economics & Business Research (CEBR) has said in its latest report on the City that financial services firms are likely to shed 29,000 jobs this year, but that employment growth will resume next year. The good news, however, is that CEBR has revised downwards by 5,000 the number of jobs likely to be lost this year, saying that 'the financial crisis has turned the corner'.
In the meantime, The Wall Street Journal reports that many analysts feel that UBS is likely to have to embark on another round of capital raising. The newspaper quotes Execution analyst Fiona Swaffield, who said: 'Our issue with UBS has been the time it would take to reinvigorate the franchise, and we are not happy with the capital position'. She also said that 'cutting costs is obviously the only lever UBS has open to it given the pressure on revenues'.
And Bloomberg reports Monday that UBS has agreed to sell its Brazilian unit, UBS Pactual, to Andre Esteves (a former head of the business) in a deal worth $2.5bn in cash.
Reuters reports that BlackRock has 'assumed control' of R3 Capital Management, which has around $1.5bn in assets under management. R3 CEO Rick Rieder will join BlackRock as head of the firm's fixed income alternatives portfolio team.
Finally, The Financial Times reports that, according to a study undertaken by Bank of New York Mellon and research firm Casey Quirk, high net worth individuals last year accounted for 80% ($500bn) of hedge fund redemptions.
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