Only 16% Of Those Laid Off Are Finding A New Job In The Markets

Hill Street Blues

It's tough out there.

Contrary to hope and expectation, this year has not seen an end to banking layoffs and staff departures. Analysis of the Financial Services Authority (FSA) Register reveals that nine major banks in London have parted company with 670 people since the start of January 2013.

So far, only 100 of these people have found new jobs elsewhere in London.

eFinancialCareers reports that the biggest exits this year have been at Nomura and Credit Suisse. Since the start of the year, 146 people have left Nomura International and 100 have left Credit Suisse International.

Nomura said in January that it was 75%-80% through its cost cutting programme, but the Japanese bank has since made widespread redundancies in its equity research business.

Credit Suisse, meanwhile, is attempting to shave $4.7bn from its cost base annually. Unsurprisingly, the investment bank appears to be at the forefront of the cuts: costs in Credit Suisse’s investment bank were a troubling 84% of revenues in 2012.

Worryingly, bankers who’ve left Credit Suisse and Nomura this year haven’t had much success finding new jobs in London. For the moment, only 18% of the people who’ve left Nomura and just 11% of the people who’ve left Credit Suisse have found new FSA registered roles at other institutions.

Hit the link below to access the complete eFinancialCareers article:

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