Societe Generale may cut between 600 and 700 jobs as part of a broader cost-cutting drive in the face of stagnant growth in its home market, three union sources has told Reuters.
The cuts, which will largely target back office staff in IT and compliance roles, will be partly offset by up to 100 new jobs created elsewhere, they added.
In the meantime, Bloomberg reports that BlueCrest Capital Management is accelerating its hires from Wall Street’s biggest banks as the hedge-fund manager takes advantage of compensation cuts to strengthen its foothold in fixed-income markets.
William Yearick, an interest-rate options trader, left Deutsche Bank AG (DBK) last month with plans to join the $35 billion fund manager, according to three people familiar with the matter. John Roach, a mortgage-debt trader, and Matt Siravo, a distressed-debt analyst, left Germany’s biggest lender for BlueCrest this year, people familiar with those moves said previously.
They are joining at least four other debt traders hired from lenders including Morgan Stanley and Bank of America Corp. in the past two years.
And The Wall Street Journal reports that Kester Ng, one of J.P. Morgan’s most senior bankers in Asia Pacific, is leaving investment banking after more than 20 years in the industry, according to a person with knowledge of the matter.
Ng served most recently as J.P. Morgan Chase’s chairman of Asian equity capital markets, a post he held for more than a year. He joined the company seven years ago from Merrill Lynch. His departure was announced internally last week.
Reuters reports that Morgan Stanley has named veteran banker Sammy Kayello as the chief executive and chairman of its business in the Middle East and North Africa, replacing Kamal Jabre who is relocating to London for a senior investment banking role.
Kayello, who was in charge of the U.S. investment bank's sales and trading operations in the region, has been with the bank for over 25 years and has been based in Dubai since 2006.
Finally, U.S. buyout firm KKR & Co L.P. has hired Deutsche Bank's Diane Raposio as a director to work in its client coverage and capital markets teams in Australia, according to an internal memo seen by Reuters.