Now a London bank is signalling senior ECM and M&A cuts
As volatility increases amidst Trump's suggestions that impose a new head of the Federal Reserve, there are signs that banks are stepping up cost-cutting.
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The latest to put London staff at risk is RBC Capital Markets, which last week informed at least five London bankers that it is considering cutting their jobs.
The individuals put at risk are understood to include Rupert Walford, a managing director in European equity capital markets (ECM) who's worked for RBC in London since 2014, and a director in M&A.
Sources say that an analyst in ECM and a director in real estate M&A were put at risk too.
RBC declined to comment.
Individuals put at risk will not necessarily lose their jobs. Under UK employment law, employers are obliged to let people know they're "at risk" of redundancy between 30 and 45 days before cuts happen. Alternative roles may be found internally, or individuals may not be cut at all. Putting people at risk is, however, an indication of intent to cut roles in an organisation.
None of the individuals currently at risk are understood to be in the London office. RBC parted company with its top London technology banker in January. However, it has also hired Rob Jurd from Citi to head industrials investment banking in Europe in an apparent case of selective upgrading.
If they do lose their jobs in 30 days, RBC's bankers will join all the other people who are out of the market. Bankers are flooding out of HSBC. UBS is on the cusp of cuts. Goldman Sachs is cutting VPs. And Bank of America and Morgan Stanley are cutting too.
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