Lunchtime Links: A detailed dissection of Credit Suisse redundancies suggests London-based juniors are being badly hit
Ignoring for a moment the crucial vote that's just taken place in Greece, we'd like to draw your attention to the redundancies at Credit Suisse.
The bank is lopping between 400 and 600 staff this week. Financial News reports that 100 people will lose their jobs in London, across fixed-income, equities, commodities and mergers and acquisitions.
Last week, US banking analyst Brad Hintz said investment banking redundancies are most likely to affect expensive managing directors. However, in the case of Credit Suisse this does not appear to be the case.
A separate article on Bloomberg suggests Credit Suisse is making only 20 MDs redundant at its European investment bank (based in London). Bloomberg says director-level redundancies will also be restricted to 20 people.
If Financial News and Bloomberg are right, this implies that 60% of Credit Suisse's European investment banking redundancies will affect those below director level: ie. juniors and mid-ranking staff.
Banker auctioning his home grown 'gentleman's facial decoration' for charity. (eBay)
Goldman plans to cut about $1 billion in expenses by mid-2012. That would represent a 10% reduction in noncompensation costs, targeting everything from car services to business meals and stationery, said a person familiar with the matter. (Wall Street Journal)
In a sign of its commitment to London, Goldman has appointed an architect for its 1m square foot groundscraper near St. Pauls. (The Times)
Deutsche hires co-head of credit trading, one of whom left there for UBS only last year. (Bloomberg)
Brevan Howard is betting against the euro. (Bloomberg)
Morgan Stanley lost tens of millions on an inflation trade in the second quarter. (Bloomberg)
Everyone and their grandmother will now slowly bleed MS' team to death as it is forced to unwind the spread. (ZeroHedge)
Gay Wall Streeter has suggested Morgan Stanley settled out of court for $52m. (MarketWatch)
Standard Chartered says India and Africa aren't growing that fast after all. (Financial Times)
