Firms To Wield Axe In 'Bloody Fortnight'

The Business reports that City bankers are bracing themselves for a further round of job losses. As many firms will not want to be seen to axe staff too near to Christmas, many believe that the next two weeks could indeed become a 'bloody fortnight' for jobs in the City.

The newspaper quotes one unnamed London banker, who said: 'The guillotine is being wheeled out. We're going to have a bloody fotnight in the City, one of the bloodiest since the last recession. Everybody knows it and the atmosphere is dire'.

Germany's Commerzbank is thought to be close to cutting up to 350 jobs in investment banking, mainly in London and Tokyo. HSBC is believed to be on the verge of exiting around 100 equity and corporate finance staff in the Capital and Societe Generale is also rumoured to be shedding around 250 investment banking jobs in Europe, again many in London.

In a related story, around 1,000 jobs are thought likely to go following State Street's purchase of the custody business it has acquired from Deutsche Bank. The job losses are, however, likely to be in the main in the United States.

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