Lunchtime Links: Mitsubishi making cuts too

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The all-new Dresdner/Commerzbank hydra may be king of the cutbacks, but if it's a question of proportionality, Mitsubshi UFG isn't doing too badly, either. Bank of Tokyo-Mitsubishi's London offspring apparently plans to cut 15% of its 590 staff (ie, 90 people), including traders, product controllers, and unspecified entities in the back office (Evening Standard).

Tokyo-Mitsubishi strenuously denies rumours that it might be interested in Lehman (Bloomberg).

Dresdner K staff to get a 'takeover bonus' (Financial News).

No Dresdner/Commerzbank redundancies before Christmas and no preference given to Commerzbankers (The Times).

BNP Paribas is creating a distressed finance group, "and anticipates a staged process of new hires" (FT).

Compensation for the average US private equity person is up 25% to $375k (Wall St Journal).

The next trade is long financials (except the laggards) and short the UK (Fintag).

Ex-Credit Suisse brokers accused of sub-prime related fraud (The Times).

Merrill hires new head of mortgages and securitisation (DealBook).

Bankers in need of an outlet lavish their affection on stray cats (Bloomberg).

City of London by night from above (

Bare-breasted virgins compete for Swaziland King (Reuters).

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