Thursday's Headlines: Now It's Credit Suisse Laying Off Staff
Credit Suisse to Cut 75 U.K. Jobs, Joining Barclays [Bloomberg News]
Credit Suisse says it's laying off bankers and certain support functions in its UK investment-banking unit. That follows a report that Barclays Capital will cut about 300 administrative and support jobs and may also eliminate about 200 contractors, but won't ax any bankers.
In case anyone needs reminding: Second-quarter trading results stank, at Barclays and throughout Wall Street. So did deal activity. With economic indicators rolling over and stock volatility returning, can further layoffs be far behind?
Goldman Sachs executives have been telling analysts the bank doesn't expect to lose revenue as a result of the Dodd-Frank reforms. That indicates Goldman and perhaps other Wall Street firms are progressing quite rapidly in deploying business analysts, lawyers, accountants and other "inside" staff to reconfigure their operations to comply with Dodd-Frank's new strictures in ways that preserve profitability.
Ex-Morgan Stanley Reps Convicted Of Fraud Can Keep Bonuses: Finra [Bloomberg News]
The arbitration board denied the bank's request to have the two men repay $4.45 million each in loans they received as bonuses when they were hired in 2007. Both were indicted in 2008 and convicted or pled guilty in 2009.
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