Secretive and stealthy redundancies have already started
Goldman Sachs has been making redundancies publicly. Nomura has too. They are not the only ones.
It has come to our attention that HSBC has been trimming a few sales and trading staff. So, allegedly, has UBS. And so has BarCap.
When it comes down to it, most banks have probably been making redundancies - quietly.
The numbers aren't huge: four here and five there. But they are happening and they are not nice.
"It's happening everywhere and it's happening quietly," says Oliver Rolfe, managing director at search firm the Spartan Partnership. "Banks are trying to trim as much fat as possible, across the board in fixed income and equities."
Some of the recent departures have been fairly senior. We understand that Luke Halestrap, head of EMEA rates and local currency trading, has left BAML (although we also understand this to have been entirely voluntary). Vinit Sahni, who only joined BAML from Goldman last year to lead rates and currency sales for Asia and EMEA, is understood to have left for health reasons.
Chico Khan-Gandapur, global head of fixed income and currencies at SocGen, is also said to have left to spend more time with his family.
"Every bank will be parting company with people this year," says the head of one search boutique, matter of factly.
