Investment banks in Europe are likely to announce huge job cuts when second quarter earnings season begins across the Atlantic this week, the Financial Times reports.
UBS is expected announce 5,000 job cuts, while Credit Suisse and Barclays will also likely reduce their staff. The cuts are not surprising considering recent declines in trading revenue and worries about banks' exposure to the European debt crisis.
"Analysts also expect many European banks to reveal significant write-downs on their Greek sovereign debt holdings," the Financial Times writes.
TD Ameritrade directors to discuss buying E*Trade [Reuters]
Goldman CEO Lloyd Blankfein says it's tough to quit his job. [New York Magazine]
ING sells Latin American insurance unit for $3.9 billion. [Bloomberg]
Chinese hedge fund Springs Capital to add trading and investment desks in Hong Kong. [Reuters]
China's Guosen Securities adds staff to compete with Goldman Sachs and Morgan Stanley. [Business Week]