Cost-cutting, lay-offs and moves to lower cost locations.
Commerzbank is planning to cut about 100 jobs in London and move another 340 as it concentrates foreign exchange and interest-rate trading in Frankfurt, where the bank has its headquarters.
The move will cut costs by bringing the trading of standardized products at the bank to closer to existing IT platforms, and moving some IT jobs to cheaper locations, according to the memo.
About 25 CLSA staff are affected, mainly in equities, a person with knowledge of the matter said Thursday, asking not to be identified as the matter is private. The reductions amount to about 2% of the firm’s global workforce, the person said. Chairman Jonathan Slone declined to comment.
Finally, The Financial Times reports that BNP Paribas is considering job cuts at its corporate and institutional banking division in France and will discuss the issue at an extraordinary works council meeting next week, according to union officials briefed on the talks.
News of the possible job losses come as BNP workers in France are bracing themselves for smaller bonuses this year, with some employees speculating that payouts will be halved in 2015.