Page 2533 


Top Firm Overhauls Investment Banking Unit

After months of speculation, HSBC has restructured its investment banking unit. But John Studzinski, tipped by many to move off to another role in the HSBC group, is staying put and being given more time to make it right.

Who's On The Move ?

Wachovia has confirmed that Kevin Roche, the head of the firm's investment banking unit, is to leave for personal reasons. Roche, 47, will be replaced on 'an interim basis', by Stephen Cummings, who runs corporate and investment banking.

5,000 Jobs To Go Offshore At Top Firm ?

The Daily Telegraph reported last week that Credit Suisse was mulling over the possibility of offshoring around 1,000 IT jobs in its investment banking unit (the unit formerly known as CSFB), mainly in London and New York, to India. The newspaper has now said that this looks like it may be only the tip of the iceberg.

DrKW Bonuses - The Truth

The Financial Times reported earlier this week that DrKW had 'cracked down' on bankers' bonuses. According to the newspaper, the firm has deferred up to 50% of bonuses for significant numbers of staff, and paid others up to a third less than expected. Staff who work in equity sales and trading in London, Frankfurt, Italy and Asia are said to have been particularly affected. Some employees are thought to be up in arms about 'peanut', if not 'doughnut', bonus awards.