Commerzbank's merger with Dresdner is being rushed through and will now take place six months earlier than originally intended, and at considerably less expense for Commerzbank. Michael Diekmann, chief exec of Dresdner's current owner Allianz, says such speedy progress is "to the advantage of all parties" - except, maybe, the 9,000 people expected to lose their jobs in the integration process, of whom 1,000 are expected to come from Dresdner Kleinwort (DKW). Although DKW outperforms Commerzbank in most areas of investment banking, the underdogs are clearly going to be in charge. The Financial Times reports that Michael Reuther, head of Commerzbank's corporates and markets operations, will head Dresdner Kleinwort and that staff at DKW will be 'cut back substantially.'
Taxpayer owns 60% of RBS (Guardian).
Brewin Dolphin has hired 86 people this year (The Times).
Universities Superannuation Scheme has been hiring (Financial News).
Altium hires two (Financial News).
HSBC cutting 500 'clerical and computer services' jobs in the UK (Bloomberg).
Rude, arrogant and just the sort of man I'd trust with my pension fund (Telegraph).
Lots of Harvard graduates still getting jobs in banks (Clusterstock).
US Treasury hasn't been able to hire enough people to spend its $700bn (Wall St. Journal).
"We're working inside a bank that to all intents and purposes is winding down, so we don't have a full complement of staff. We have trades that have failed - the value of which we don't know; we have an accounting system that has been cut off at an unnatural point in the cycle." (Financial Times).
Share your troubles with angst-filled millionaires (The Times).
Beware the haberdashery comeback (Alphaville).