Thursday's Headlines: More Financial Services Job Cuts This Year; 2012 Could Be Worse
It's nothing new, but noteworthy nonetheless: It stinks out there. Globally, the financial services industry has planned nearly 200,000 job cuts this year, compared to 174,000 job losses in 2009 according to the latest figures from Bloomberg.
Cuts announced this week alone include Citigroup's plans to slash 3,000 positions, BNP Paribas's announcement of a 1,400-position trimming and BofA's cut of its equities unit in Europe.
The article quotes one London-based recruiter saying, "I have never seen it as bad. The future is also bleak. This will continue for another 14 or 15 months; 2012 is definitely a write-off."
Other News:
Credit Suisse has started action on plans to eliminate 268 jobs in metro New York. [WSJ]
Virgin Money will buy Northern Rock for $1.2 billion, marking the first sale of a British government bank since the 2008 crisis. [Bloomberg]
BNY Mellon will cut $650 million in costs over the next three years. [On Wall Street]
The SEC fined Morgan Stanley $3.3 million for charging investors for third-party services never rendered. [NY Times]
Jefferies CEO expects turmoil to ease as MF Global connection fades. [Bloomberg]
Private equity firm Kayne Anderson is looking to raise $1.6 billion for its sixth fund which will focus on oil and gas. [Business Week]
Former Bear Stearns executive Luca Baccarini started an energy fund aiming to profit from oil prices. [Business Week]
Credit Suisse Group AG is closing its fixed-income operations in Taiwan, eliminating about 20 jobs. [Bloomberg]
