Lunchtime Links: Warning, the cuts are coming

Investment banking redundancies are here, and more of them are coming. RBS has cut 20% of its corporate and advisory team, Credit Suisse is thought to be following up its 25 equities redundancies with hundreds in its trading divisions, BarCap trimmed 50 people in its equities team and Nomura and HSBC have already made some cuts. Worryingly, there seem to be more on the cards.

According to Dealbook, which claims to be privy to some insider information, redundancies at Goldman Sachs are "certain" in the coming months, Bank of America Merrill Lynch is cutting its securities division and, as we mentioned yesterday, Credit Suisse is paring back its investment bank.

Elsewhere the outlook isn't so gloomy. The article suggests that JP Morgan and Citigroup have no intention to reduce headcount, while Morgan Stanley is likely to leave its investment bank alone despite cutting back its brokerage division.

The spectre of job cuts has been looming for most of the year. In a March report, Morgan Stanley and Oliver Wyman predicted that banks would need to rid themselves of 20,000 people, largely in the middle and back office; this week JP Morgan analyst Kian Abouhossein suggested FICC redundancies may be necessary and Nomura analyst Glenn Schorr showed how the increase in headcount has yet to pay off in terms of revenues.

The Greek crisis could turn into the eurozone's Lehman moment (Telegraph)

No it couldn't (Reuters Insider)

"We believe the period is resembling the build-up to the Lehman

collapse where, although markets were increasingly nervous, virtually everyone expected a last-minute buyer" (Business Insider)

The US doesn't want UBS (Financial Times)

Credit Suisse's prime brokerage guru is leaving for a move to the buy-side (Financial News)

In ten years, Shanghai will be the world's largest financial centre (BBC)

Citigroup, JP Morgan, Bank of America, Deutsche Bank, BNP Paribas, Royal Bank of Scotland and Barclays would need to maintain a tier one capital ratio of 9.5% under new regulations, Goldman Sachs, Morgan Stanley, UBS and Credit Suisse would need 9% (Financial Times)

100,000 Hong Kong-based stockbrokers could strike over working hours (The Standard)

As Russia looks to clean up its image, the likes of Citigroup and Goldman Sachs are hiring there (Bloomberg)

China Investment Corp set to unveil a new co-head (Bloomberg)

Four in ten bosses increase workers' stress levels (Telegraph)