Banks reveal hundreds of UK and US job cuts
THE AXE is set to fall on hundreds of investment banking jobs in London and further afield, with Credit Suisse, Goldman Sachs and Barclays all proposing cuts to their headcounts in recent days.
Credit Suisse is planning to cut more than 600 jobs in its investment banks, including upwards of 100 in its London operations, according to one source yesterday.
The bank has launched a consultation on exactly where the cuts should fall.
Goldman Sachs said in a US regulatory filing yesterday that it will lay off 230 employees in New York because of poor economic conditions, adding that the cuts will take place at the end of the year and the start of 2012.
Barclays Capital has already cut around 50 jobs globally in its equities research, sales and trading business and has hinted at further losses, including within its stock trading staff, while the Royal Bank of Scotland is planning to jettison part of its global banking team.
Meanwhile Lloyds Banking Group is expected to signal up to 15,000 job cuts in its strategy review today, in a bid to trim £1bn a year in costs for the state-backed lender.