Wall Street's tight job market isn't poised to rebound anytime soon. The Wall Street Journal reports that industry executives and analysts expect the current reductions to be longer-lasting as banks brace for a future of tighter regulations, rocky markets and sluggish economic growth.
Recently announced cutbacks include 1,500 positions slashed at Nomura, 3,500 jobs at UBS and 1,000 workers at Goldman Sachs, as well as Credit Suisse warning its 50-person New York commercial mortgage-backed securities team that their jobs would be cut. Securities industry employment dropped by 9 percent between 2007 and 2009.
The article quotes Steven Eckhaus, a partner and chairman of the executive-employment practice at the law firm Katten Muchin Rosenmann: "We are seeing the tremendous hollowing out of Wall Street. This is not a boom and bust cycle."
J.P. Morgan separated responsibility for its capital markets business into two groups, naming new heads. [Bloomberg]
Morgan Stanley will sell mortgage servicer Saxon Capital to Ocwen Financial. [Businessweek]
BofA does U-turn on its debit card fee following competitors. [NYTimes]
Standard Chartered posts "high single-digit" income growth for the first nine months. [Bloomberg]
Wells Fargo courts families worth $50 million or more with the start of its Abbot Downing advisory unit. [Investment News]
Nomura faces uncertain future. [Reuters]
KKR is in exclusive talks to buy oil and gas company Samson Investments. [DealBook]
Executives at the investment bank Jefferies Group tells investors that the company won't go the way of MF Global. [Bloomberg]
Blackstone focuses on managing credit. [Businessweek]