So much for the upturn in recruitment that was supposed to be underway at the end of last year.
Results from the banks that break out investment banking headcount reveal that all but one (Goldman Sachs) reduced, rather than added, staff in the final quarter of 2009.
The relevant headcount changes are:
Goldman Sachs: + 800 people
JP Morgan: - 174 people
UBS: - 464 people
Deutsche: - 31 people