The full list of who hired and who fired in London in March (Credit Suisse, BNP and RBS were the big firers; Citigroup was the hirer)
Credit Suisse is supposed to be making a lot more redundancies.
Sonntag reported at the weekend that CS might disclose plans to make 25% of its 20,000 or so investment banking staff redundant when it announces its Q1 results on April 25th. Calls are already coming for Brady Dougan to take himself out of the picture. And, as has been variously pointed out, Credit Suisse actually ended 2011 with 200 more investment bankers than it began. Now, is surely the time to do something about it…
Credit Suisse has already made big cuts in London
If Credit Suisse does, indeed, intend to take 5,000 jobs out of its investment bank, it could painful in the UK.
The banks’ various regulated entities (Credit Suisse International, ‘Credit Suisse’, and Credit Suisse Securities Europe), employ a combined 4,142 registered people in the UK according to research firm IMAS. That’s already 520 fewer than last year.
Most of the cuts over the past 12 months have come at Credit Suisse International and Credit Suisse Securities, with trimming in areas like rates, fixed income sales and trading, and cash equities last September.
Research by IMAS shows that Credit Suisse’s various UK entities reduced their headcount of registered persons by 76 people in March. This follows the elimination of 79 registered persons at Credit Suisse in February.
Operations staff at Credit Suisse look particularly susceptible to redundancy. In December last year, the bank announced plans to combine its private banking and investment banking trade clearing functions from 2012.
RBS and BNP made biggish cuts in March too
While Credit Suisse is engaged in ongoing redundancies in chunks of 75 people, RBS is nibbling away at entire limbs. Last month, it cut 43 registered persons in the UK according to IMAS. This would appear to be the result of the decision to do away with its corporate broking, equities and M&A businesses.
BNP also made progress with its planned 1,000 redundancies outside France, reducing its number of registered persons in the UK by 53.
Citigroup added 50 people in the UK last month
Meanwhile, the only investment bank hiring in any numbers last month was Citigroup.
Having reduced its headcount of registered persons by 16 in February, Citigroup Global Markets increased it by 17 in March.
Citigroup’s equities business, one of the big hirers since 2008, added another 3 registered people. Altogether, Citi increased its number of registered persons by 50 people in March.
The full hiring and firing list for March
Citi excepted, most big banks made either a handful of hires or a handful of cuts.
Collins Stewart appeared to hire heavily in March, but this merely reflected its subsumption by Canaccord.
The other notable hirer was St James’s Place, which is keen to pick up ex-bankers. However, it only added 24 people, which will do little to counteract the flood coming out of RBS, BNP and Credit Suisse.
Net change to FSA registered persons in March:
| HSBC BANK PLC | -56 |
| BNP PARIBAS | -53 |
| THE ROYAL BANK OF SCOTLAND PLC | -43 |
| BREWIN DOLPHIN LIMITED | -41 |
| CREDIT SUISSE INTERNATIONAL | -35 |
| NATIONAL WESTMINSTER BANK PUBLIC LIMITED COMPANY | -32 |
| CREDIT SUISSE SECURITIES (EUROPE) LTD | -30 |
| SOCIETE GENERALE | -29 |
| INVESTEC BANK (UK) LIMITED | -25 |
| J.P. MORGAN SECURITIES LTD. | -21 |
| GOLDMAN SACHS INTERNATIONAL | -20 |
| SANTANDER UK PLC | -15 |
| CREDIT SUISSE | -11 |
| ROYAL BANK OF CANADA EUROPE LIMITED | -10 |
| ROYAL BANK OF CANADA | -10 |
| MERRILL LYNCH INTERNATIONAL | -10 |
| THE ROYAL BANK OF SCOTLAND N.V. | -9 |
| BGC BROKERS L.P. | -7 |
| J.P. MORGAN EUROPE LIMITED | -7 |
| AXA WEALTH SERVICES LIMITED | -7 |
| BANC OF AMERICA SECURITIES LIMITED | -7 |
| STANDARD CHARTERED BANK | -6 |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | -6 |
| HSBC PRIVATE BANK (UK) LIMITED | -5 |
| MORGAN STANLEY & CO. INTERNATIONAL PLC | -5 |
| NOMURA INTERNATIONAL PLC | -5 |
| BARCLAYS CAPITAL SECURITIES LIMITED | -2 |
| ICAP SECURITIES LIMITED | -2 |
| MACQUARIE CAPITAL (EUROPE) LIMITED | -2 |
| MORGAN STANLEY & CO. LIMITED | -2 |
| RATHBONE INVESTMENT MANAGEMENT LIMITED | -1 |
| JEFFERIES INTERNATIONAL LIMITED | -1 |
| LLOYDS TSB BANK PLC | 0 |
| MORLEY FUND MANAGEMENT LIMITED | 0 |
| STANDARD BANK PLC | 0 |
| JPMORGAN ASSET MANAGEMENT (UK) LIMITED | 0 |
| MORGAN STANLEY SECURITIES LIMITED | 0 |
| LLOYDS TSB PRIVATE BANKING LIMITED | 0 |
| COUTTS & COMPANY | 0 |
| N. M. ROTHSCHILD & SONS LIMITED | 1 |
| BLACKROCK ADVISORS (UK) LIMITED | 1 |
| BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED | 1 |
| BLACKROCK INTERNATIONAL LIMITED | 1 |
| GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL | 1 |
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK | 1 |
| INVESTEC WEALTH & INVESTMENT LIMITED | 1 |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | 2 |
| BANK OF AMERICA, N.A. | 3 |
| GERRARD INVESTMENT MANAGEMENT LIMITED | 3 |
| ABBEY NATIONAL TREASURY SERVICES PLC | 3 |
| SMITH & WILLIAMSON INVESTMENT MANAGEMENT LIMITED | 3 |
| CITIGROUP GLOBAL MARKETS U.K. EQUITY LIMITED | 3 |
| BARCLAYS BANK PLC | 3 |
| SCHRODER INVESTMENT MANAGEMENT LIMITED | 4 |
| COMMERZBANK AKTIENGESELLSCHAFT | 4 |
| AWD CHASE DE VERE WEALTH MANAGEMENT LIMITED | 4 |
| UNICREDIT BANK AKTIENGESELLSCHAFT | 4 |
| NEWEDGE UK FINANCIAL LIMITED | 4 |
| ING BANK NV | 4 |
| J.P. MORGAN PLC | 4 |
| MERRILL LYNCH INTERNATIONAL BANK LIMITED | 4 |
| CHARLES STANLEY & CO. LIMITED | 5 |
| LEGAL & GENERAL (PORTFOLIO MANAGEMENT SERVICES) LIMITED | 6 |
| UBS AG | 7 |
| CITIBANK INTERNATIONAL PLC | 11 |
| UBS LIMITED | 13 |
| CITIGROUP GLOBAL MARKETS LIMITED | 17 |
| ABERDEEN ASSET MANAGERS LIMITED | 19 |
| CITIBANK, N.A. | 20 |
| ST. JAMESS PLACE WEALTH MANAGEMENT PLC | 24 |
| COLLINS STEWART EUROPE LIMITED | 75 |
Source: IMAS
