Some gearing up, some shipping out.
Bloomberg reports that Citadel Securities, a unit of Citadel LLC in Chicago, has fired about 10% of its staff.
Matt Cushman, a senior managing director who joined the firm in 2011 from Knight Capital Group Inc., was among more than two dozen people who lost their jobs, including five last week, according to a person with direct knowledge of the cuts who asked not to be named because the matter is private.
The reductions affected between 25 and 30 people, Katie Spring, a spokeswoman for the company, said by phone. The unit now has about 275 employees, she said.
The news organisation also reports that Australia & New Zealand Banking Group, Australia’s third-largest bank by market value, plans to cut about 50 jobs in institutional and international banking as lenders trim costs amid weak credit demand.
ANZ advised staff late last month about the eliminations mainly in Sydney and Melbourne, spokesman Paul Edwards said in an e-mailed statement. The reductions will help ANZ’s institutional bank unit boost capital efficiency and adapt to pressure on margins as the economy slows, he said.
And Bloomberg reports that JPMorgan is hiring 'selectively' in China as the Wall Street bank sees a resurgence in demand from companies to sell bonds and shares in the nation, its Chinese investment banking unit head said.
'We are building business across the board, not only in investment banking, but also in corporate banking, institutional investors services, treasury services and commodities', Fang Fang, 46, said in an interview in Beijing Wednesday. 'We are seeing some very interesting talents'.
Reuters reports that Morgan Stanley has named Dieter Turowski and Shane Zhang as co-heads of Asia Pacific investment banking to replace Kate Richdale, who has left the bank to join Goldman Sachs, two sources with direct knowledge of the matter told the news agency on Thursday.
image: © Dan4th Nicholas