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Friday's Headlines: Are Layoffs at Barclays and Credit Suisse Just the Beginning?

Credit Suisse, Barclays Cuts May Be Start of Bank Hiring Freeze [BusinessWeek]

Recent layoff announcements at Barclays, Credit Suisse and Royal Bank of Scotland could portend a hiring slowdown in Europe as fixed-income trading drops off.

The beginning of the end for the contractor boom? [eFinancialCareers UK]

Ask anyone about the financial IT contractor market currently and you'll certainly hear the word "robust", while the more effusive could even err toward "booming." But it's questionable how long this can last.

Aging of advisory biz a boon to young reps: Report [InvestmentWeek]

Advisory firms need to step up their recruitment efforts as more wealth managers retire, says a report from Cerulli Associates. Larger broker-dealers need to add 2,000 to 3,000 advisors a year just to keep pace with the 10 percent who leave the business annually.

British bonus tax hits U.S. banks [The Deal]

Four U.S. banks - Goldman Sachs , JPMorgan Chase, Citigroup and Morgan Stanley - will pay nearly $2.3 billion in one-time British taxes for bonuses paid to employees in the UK.

Hong Kong Brokers Balk at Prospect of Losing Their Long Lunch [Bloomberg]

Increased business with China could lead to Hong Kong stockbrokers losing their traditional two-hour lunch break. Hong Kong Exchanges & Clearing's Chief Executive Charles Li says less lunchtime would align the city more closely with China.

Goldman Names Esposito Investment-Banking COO [WSJ]

Goldman Sachs named Jim Esposito chief operating officer of global investment banking. Previously, he was global head of the investment-grade and public-sector financing and infrastructure financing businesses.

A Documentary About the World of Quants [Dealbook]

The Times says it's one of the best documentaries about quants that's ever been made.

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AUTHORMark Feffer1 Insider Comment
  • th
    thomas_kenny
    13 August 2010

    The layoff is 75 people at one and a minor amount at another..Has EFinancial joined the ranks of Cassandra journalism ?

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