Late Lunchtime Links: A bad day for equities bankers as both UBS and Barclays add to the glut of people already on the market

eFC logo

No sooner have US banks reported their third quarter results and revealed generally weak performances in equities sales and trading than European banks are rushing to cut staff.

UBS's cuts emerged first. Bloomberg reported yesterday that the Swiss bank is cutting 400 people in Europe - 10% of its front office employees in the region. 80-90 of these cuts will come in Andrea Orcel's M&A and capital markets businesses. The remainder will affect UBS's equities and fixed income staff.

Barclays has also decided that its equities business is overweight. It is cutting 50 of its 500 equities staff. Traders, salespeople and support staff will all be affected. Falling volumes are reportedly to blame.


You wouldn’t want to be a small cap trader in France: the French transaction tax has hit trading in small cap stocks particularly hard.  (Financial News) 

Robert Half waxes lyrical about recruitment in Germany. (Seeking Alpha) 

Ruth Porat says Morgan Stanley has very strong expense controls – comp and non comp. (Seeking Alpha) 

Morgan Stanley has altered the way it measures VaR and thereby managed to flatter its capital situation. (Financial Times)

James Gorman is losing stock previously valued at $2.9m because the bank hasn’t achieved a ROE of 12%. Colm Kelleher (head of trading) is losing $2.4m. Ken deRegt (head of fixed income trading) is losing $1.9m.  (Bloomberg) 

A former colleague said that Coffey's high rewards but inconsistent investment performance since the crisis made him a symbol of the excess in the hedge fund industry. (Financial News)

Michael O’Neill, Citi’s new chairman, has built his career on rehabilitating troubled banks by methodically whittling them down. (DealBook)

Seeking better compensation is “the American way,” according to John Farrell, JPMorgan Chase & Co.’s former human- resources chief. “I don’t think there’s anything wrong with trying to earn more and be promoted.” He added that any writing by former employees about their old workplaces should be taken “with a grain of salt.” (Bloomberg) 

Greg Smith: I deliberately lost at ping pong for the sake of the firm. (Dealbreaker)

Popular job sectors


Search jobs

Search articles