Job Loss & Other News

The axe is said to have fallen over at Credit Suisse in Canary Wharf last week, with around 650 staff thought to have been given their marching orders following cuts in the firm's asset management and investment banking divisions. Also among those said to have gone are a number of graduate recruits who started just a few weeks back.

Reuters reports that US money manager BlackRock has confirmed that it has cut 500 jobs worldwide, or around 11.2% of the workforce, in a bid to get its cost base down. Many of the cuts are said to have been contractor positions. The news agency also reports that Northern Trust has confirmed that it will axe some 450 jobs in 2009, or around 4% of the global workforce.

And Bloomberg reports that Blackstone, the world's largest private-equity group, is said to be planning to cut 70 staff, or around 7% of its workforce.

The Financial Times reports that Aberdeen Asset Management is in a strong position to acquire some, or all, of Credit Suisse's long-only asset management business, Global Investors. Schroders is also said to be in with a shout.

The newspaper also reports that former Lehman CEO Dick Fuld has told friends that he has no intention of retiring when he leaves the firm at the end of the year. Fuld, 62, is said to be planning to launch a small advisory boutique.

Bloomberg reports that Citigroup's name is to be taken off the Citigroup Center building in Manhattan after 30 years. The owners will be renaming the tower 601 Lexington Avenue after renovations next year. Citi at one stage had a significant stake in the building, and the name change has been in the works for a number of years.

Reuters reports that Nomura has confirmed that it has cancelled its 4-year M&A alliance with Rothschild, following its recent purchase of Lehman's European and Asia-Pac businesses.

Finally, Bloomberg reports that hedge fund Citadel Investment Group has halted withdrawals at its Kensington and Wellington funds, after investors sought to redeem some $1.2bn of assets. The funds, which together have around $10bn of assets, are said to be 49.5% down so far this year.

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