Traders Hit Hard As Top Firm Wields Job Axe

Axe In Tree Stump

Not good to hear this time this time of year.

Reuters reports that Deutsche Bank will make steep staff cuts at its U.S. and European power and gas trading desks, with the departures of dozens of traders and its global head of commodities, David Silbert.

Several sources close to the situation said on Wednesday the bank was shrinking the workforce as part of an earlier announced plan to chop 1,500 positions.

'Power and gas will be hit hard', one source said.

'They are letting more than 50 go globally, mostly in Houston, but there will be redundancies in Europe', a recruitment industry source said, while a source on the desk in Europe also confirmed the departures.

In the meantime, The Wall Street Journal reports that Barclays plans to eliminate as many as 2,000 jobs in its investment bank as part of a broad restructuring of the company, according to people familiar with the bank's plans.

The cuts are likely to be concentrated in Asia and continental Europe, with Barclays executives aiming to protect the bank's strong U.S. and U.K. franchises from much bloodletting.

And Bloomberg reports that Goldman Sachs’ next CEO already works at the firm, current CEO Lloyd Blankfein has said.

'There’s a very high likelihood, close to 100 percent, that the next leader of Goldman Sachs is at Goldman Sachs', Blankfein, 58, said today at a conference in New York hosted by the New York Times’s DealBook. But the board has responsibility to choose the CEO, not him, he said.

Finally, Reuters reports that Japan's Mitsubishi UFJ Financial Group Inc (MUFG) said it will pay $8.6m to U.S. regulators as a settlement for transactions that could be seen as violations of U.S. sanctions against Iran and Myanmar.

MUFG said its core commercial bank, Bank of Tokyo-Mitsubishi UFJ (BTMU), conducted money transfer and other transactions with clients related to Iran, Myanmar, Sudan and Cuba between 2006 and 2007.

Deutsche commodities head to leave, power desk hit hard

Barclays Is Set to Join Cost-Cutting Crowd (subscriber content)

Blankfein Says Goldman’s Next CEO Already Works for Firm

MUFG to pay $8.6 million in U.S. sanctions case

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