The finance sector announced roughly the same number of layoffs in January as in December, reflecting continued shrinking of the industry, according to a report by Chicago-based outplacement company Challenger, Gray & Christmas.
Banks, brokerages and other financial services companies announced plans to shed 7,611 jobs in January, up slightly from 7,433 in December.
In January, Bank of America and Citigroup announced cuts to various divisions. Mizuho and Daiwa, two Japanese firms, also announced layoffs, though they aren't counted in Challenger's report because they're not based in the U.S.
Last month, John Challenger, CEO of Challenger, Gray & Christmas, predicted the bloodbath would continue into 2012 for at least several months. "There's so much pressure on the financial sector to continue to consolidate," he told FINS in an interview.
For all of 2011, the finance sector announced 63,624 cuts, up 165% from 2010.
Both Michael Roseman and Michael Stockman warned of risks associated with European bond trades at MF Global. Their management styles, however, were very different.
Getting to the Bottom (Deal Journal)
Everyone's been focused on the missing $1.2 billion in customer funds, but there's a more basic problem: when those pesky European trades started. Everyone has different ideas.
Capping Barclays' Capital (Bloomberg)
Barclays will trim compensation for the 24,000 employees in its investment bank by up to 30% for this year's pay season. What's more, the bank plans to lay off 5% of its senior bankers, which include executive directors and managing directors.
The compensation pool at Deutsche Bank's investment bank shrank this year from last, but average pay still beat that at Goldman Sachs. Still, only those who can speak German should aspire to the top spot at the firm.
HSBC will move its fund-administration unit from New York to Ireland in order to reduce costs. That could mean layoffs for 200 New York-based employees. Also, the last time we checked, Ireland's financial situation wasn't exactly rosy.
Goldman Sachs appointed Matthew Westerman and Dan Dees co-heads of the Asian investment banking division. They'll replace David Ryan, who's also Goldman's Asia president and will hang on to that title.
Getting Noticed (Mergers & Inquisitions)
If you want a senior banker to get you a job, you'll have to plan your approach carefully. It's all about the introductions.
Buzz Around the Office
No Hope (YouTube)
Texting and Facebooking destroyed one young girl's life.
List of the Day: Communication Errors
If you feel like any of the below is true, it's time to consult a communications coach to ensure your message is getting across.
1. People always shoot down your initiatives.
2. No one remembers what you said.
3. You're not taken seriously.
(Source: Forbes)
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