Bloomberg reports that Royal Bank of Scotland could cut as many as 300 staff in equities after failing to find a buyer for the units.
The bank said in a statement: 'Having to cut jobs is the most difficult part of our work to rebuild RBS. After careful assessment of the various approaches made by interested parties, we have decided to start winding down parts of our EMEA Equity Capital Markets and cash equities businesses, and certain associated activities globally'.
In the meantime, Reuters reports that Nomura has laid off around 25 employees in the US at Instinet, its electronic brokerage unit.
Finally, The Wall Street Journal reports that Credit Suisse's 2011 investment banking woes were caused, not just by difficult markets, but because the firm paid 'the price for an ill-judged hiring spreee in 2009 which Chief Executive Brady Dougan was too slow to reverse in the face of weak markets and regulatory headwinds'.