Lunchtime Links: By the end of this year, banks will want to eradicate 101,000 jobs; some bonus figures for top ranked analysts
The past is not always an indication of the future, but if the recent 7 months are an indication of the next five months, Bloomberg calculates that banks will do away with 101,000 jobs by the time 2011 is up.
Bloomberg says this follows the announcement of 60,000 banking job cuts since January. Needless to say, not all of these cuts were in investment banking and not all of them were in London. However, massive job cuts have happened in London in the past and could clearly happen again.
The Centre for Economics and Business Research estimates that 19,000 City style jobs disappeared in London between 2008 and 2009. In its last forecast, it suggested these jobs would be recreated by 2013. Suddenly, this is looking less likely.
More cheeringly, Mergers & Inquisitions has some figures for top end analyst bonuses (analysts in this instance being junior corporate finance professionals as opposed to equity researchers).
These are allegedly as follows:
- 1st Year Top Tier: $60-70K USD
- 2nd Year Top Tier: $75-85K USD
- 3rd Year Top Tier: $90-105K USD
Bonfire of the jobless bankers. (Telegraph)
Jabre Capital has been hiring lots of people in Geneva. (Financial News)
Evolution Group is in talks to sell itself to Investec. (Sunday Times)
The current correction is 12% below the April high and modestly smaller than the 18% average of past corrections. (Pragmatic Capitalist)
Riot police guard cash for gold shops in Brixton. (Telegraph)
There have been reports of some "cash for gold" shops receiving "blood-stained necklaces." (Telegraph)
39 bids on a gold chain costing 10k on eBay. (eBay)
Having a clean and sterile desk in an office can leave employees with smaller brains. (Telegraph)
