And the Layoffs Continue

Second quarter earnings are revealing a persistently weak financial industry and the necessary steps banks must take: more layoffs.

Over the past year, the six largest U.S. financial institutions have shed 18,000 jobs, The Wall Street Journal reports. That list includes Goldman Sachs, Morgan Stanley, Bank of America, J.P. Morgan, Wells Fargo and Citigroup. Most of the banks are planning more cutting, they announced this week.

In an earnings call yesterday, Morgan Stanley said its staff roster would decrease by 7%, or 4,100 people, due to weak economic growth and low trading volumes. Its revenue declined 24% in the second quarter, the bank said.

The fallout isn't limited to American banks. Both Credit Suisse and Deutsche Bank will be bringing out the ax. Credit Suisse will lay off another 138 employees in New York by the end of the year, while Deutsche will cut nearly 1,000 investment banking staff around the world, most likely senior bankers and back office staff. The one silver lining is the bank doesn't want to cut staff in Germany.

Makes you wish you could say "Ich bin ein Berliner."

Accounting for Winners (FINS)

You've made it to an accounting firm or a private company and you're stoked. Here's how to make it up the ladder.

Part-Time Help (Cleveland.com)

Cleveland-based KeyCorp is not only cutting jobs and closing branches, it's changing the makeup of its staff. The bank may edge toward hiring part-time and temporary workers.

Moving On (Deal Journal)

Robert Wolf, the UBS banker who was chummy with Obama and got in trouble because he was chummy with Obama, is leaving the firm and striking out on his own. Now he and Obama can golf in peace.

Dampening Expectations (Sky)

Attention all precious gems seeking to replace Bob Diamond at Barclays: Major investors have told the bank the incoming chief should be paid "substantially less" than good ol' Bobby. In other words, they're looking for the cubic zirconia version this time around.

Moving to the Front (Mergers & Inquisitions)

Working in the back office at a hedge fund doesn't need to be a prison sentence. Take advantage of your free time to network, network, network so you can take your place in the front office.

Sitting Pretty (NYT)

Alexander Soros, the son of billionaire investor George Soros, didn't want to be just another trust fund kid. So he's devoted himself to graduate school and philanthropy. And fundraisers in the Hamptons.

Buzz Around the Office

Death is Just a Box of Chocolates (Daily Mail)

In the early 1940s, British agents foiled an elaborate Nazi scheme to assassinate British Prime Minister Winston Churchill with a bar of dark chocolate.

List of the Day: When to Know

Here are some signs things are not looking good for you at your current company.

1. People have moderately good, not amazing, things to say about you.

2. You get compliments but no promotions or raises.

3. You get the same negative feedback more than once.

(Source: MoneyWatch)