C Suisse said to mull job cuts

Axe In Tree Stump

The start of the next round of layoffs ?

The New York Post reported a few days back that New York state will lose hundreds of thousands of well-paid back-office, finance, tech and manufacturing jobs over the next 48 months, according to new data reviewed by the newspaper.

But instead of Wall Street in free-fall, this job loss is caused by slow growth, labor-saving technology and lower-cost competitors overseas and out of state.

Bloomberg, however, has reported that Credit Suisse might be about to axe heads for more traditional reasons - a decline in trading volumes and profitability.

The news organisation reports that Credit Suisse may trim jobs at the Europe, Middle East and Africa equities business, three people familiar with the plan said.

An e-mail was sent to staff in the region last week informing them of the start of consultations that may include cutbacks, two of the people said, asking not to be identified as the plan is private. The process will start in coming weeks, the people said.

Investment banks operating in Europe, from Barclays to UniCredit SpA and Nomura, have cut their equities businesses amid a decline in trading volumes and profitability.

Reuters reported this morning that Barclays will stop offering wealth management services in about 130 countries by 2016 and cut jobs in the unit as part of an effort to rein in costs and boost profit.

Finally, and on a more positive note, Bloomberg also reports that 3i Group, Britain’s oldest private-equity firm, is looking to hire dealmakers after more than a year of staff cuts, according to three people with knowledge of the matter.

The London-based company plans to add associates to its private-equity teams in the U.K. and Germany, the two markets where it sees the best potential for profitable buyouts, said the people, who asked not to be identified because the talks are private.

Credit Suisse Said to Weigh Job Cuts in European Equities

Barclays to shut wealth management services in 130 countries

3i Group Said to Begin Hiring for Private-Equity Unit

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