At the risk of being relentlessly depressing, we would like to point out that the redundancy predictions regarding Credit Suisse are getting worse, not better.
When we reported yesterday that Credit Suisse was thinking of cutting 1,600 jobs (according to Fin News), we were lambasted for being overly negative about the Swiss bank. "CS is a great bank, and it's getting better," complained one reader.
Today, however, the gossip emanating from Switzerland about Credit Suisse has taken a turn for the worse. The Swiss bank reports its second quarter results on Thursday. According to the Neue Zuercher Zeitung (NZZ), it will in fact announce 1,500-2,000 job cuts at this time, including several hundred investment banking jobs - particularly in the US.
New financial regulation in Britain is expected to reduce earnings at UBS's investment banking unit by about CHF100m before the end of this year. (DealBook)
Analysts at Espirito di Santo called UBS investment banking margins "disappointingly weak compared to Q1 2011." (Financial News)
Bank of America has hired Jonathan Bewes, a senior corporate broker from UBS. (Financial News)
Anshu Jain is all about execution. (Economic Times)
Vikram Pandit has been the chief executive of Citigroup for years and his national origin hasn't been raised as a major issue. (Wall Street Journal)
JPMorgan is replacing Goldman Sachs and Morgan Stanley as the leading commodities house. (Reuters)
63% of the 900 professionals surveyed by Badenoch & Clark said they expected more hiring over the next 12 months. (Telegraph)