CEO Confirms 2,000 'Ballpark' Job Losses

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Reuters reports that Royal Bank of Scotland CEO Stephen Hester confirmed last week that an additional 2,000 investment banking jobs would go in the next 12 - 18 months.

Hester said that the 2,000 figure 'would be in the right ballpark'.

In the meantime, Dow Jones Newswires reports that Knight Capital Group is to cut around 6% of its global workforce (thought to represent roughly 90 positions), as it restructures its operations in the wake of current market conditions.

Reuters also reports that, according to Credit Suisse, an examination of revenues from a cross section of 7 large investment banks reveals that, on average, revenues from fixed income sales and trading fell 36% in Q2 compared to Q1 2011. The jury remains out on whether this drop off is totally market-related, or is part of a structural shift occasioned by increased regulation / higher capital ratios.

Finally, The Financial Times reports that, according to Hedge Fund Research, the average hedge fund started last week up around 1.6% up for 2011, but this quickly evaporated as the markets headed south towards the end of the week.

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