Bah Humbug As Top Firm Proceeds With Big Pre-Christmas Cull

The Grinch

It was a story that briefly warmed the cockles of our hearts. The New York Post reported Thursday that Barclays Capital, no doubt concerned about giving staff bad news as we approach the season of goodwill, was not going to tell those 3,000 employees selected for the chop until after the Christmas break (the firm is in the midst of a downsizing initiative following its recent acquisition of Lehman's US businesses).

But alas, it was not so. Reuters later reported that it wasn't 3,000 staff who were affected - but 3,500. And that Barclays had, in fact, confirmed that it had already told those who were now surplus to requirements. Happy Christmas and all that.

CNBC reports that French bank Natixis has confirmed that it is to shed 840 investment banking jobs, of 15% of the total, as it pulls back its operations in the US and Asia.

Bloomberg reports that Deutsche Bank has now axed around 260 jobs in Japan, many in the firm's global markets operations. And Goldman Sachs is said to have culled as many as 200 jobs there. These cuts are said to have been made across all businesses, and range from back to front office roles. The news agency also reports that Morgan Stanley has been cutting positions in its Tokyo prime brokerage unit.

Finally, The Evening Standard reports that UK asset manager F & C Asset Management is to cut 60 jobs (out of 900) as it bids to get its costs under control.

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