Bank of America came out after the markets closed Thursday and confirmed the number of jobs likely to go following the merger with Merrill Lynch. The bank said that between 30,000 - 35,000 jobs will go at the two firms in the next 3 years due to the merger and the current weak economic climate. Job losses in investment banking and global markets, however, are thought most likely to be done by the end of the first quarter.
The Financial Times reports that staff at Goldman Sachs will have to work 5 years longer (to 60) in order to receive full retirement benefits, as the firm is amending the terms of a scheme which allowed employees to quit at 55 and take all their restricted stock with them when they left.
JPMorgan Chase CEO Jamie Dimon might be trying to manage expectations about his firm's trading performance, but he succeeded in spooking the equity markets Thursday when, in a CNBC interview, he admitted that November and December (to date) had been 'terrible'.
A new report from Greenwich Associates helps large US companies sort through the drastic changes sweeping through the world's investment banks. Here's the press release:
With financial markets professionals losing their jobs in their tens of thousands, the supply of talent available to hiring firms has never been so large. The big problem, however, is that the pool of hiring firms has never been so small.
Reuters reports that Deutsche Bank has come out and denied German media reports that CEO Josef Ackermann would consider moving back to Switzerland to take on the Chairman's role over at UBS. A bank spokesperson noted that Ackermann was under contract until 2010, and stated that he 'was not considering giving up his post'.
More bank executives are to work without a bonus in 2008, as Merrill Lynch and Morgan Stanley both came out this week with details of their comp plans for top dogs.
Bloomberg reports that two unnamed company officials have advised that Citigroup's Nikko Cordial Securities unit will axe around 1,000 of its 7,000 workforce, or 14.2% of total headcount.
The unexpected death last week of Alex Widmer, CEO of Bank Julius Baer, Switzerland's largest independent private bank, has given rise to speculation that it was a suicide.
Swiss newspaper SonntagsZeitung reported Sunday that UBS could be axing an additional 4,500 jobs, as it struggles to get down its cost base. The newspaper does not quote its sources.
Here's a potential sign the job market is slowly improving: Some people are feeling comfortable looking for a new job even while they're (supposed to be) doing their current one.
Facebook has hired Gary Briggs, a veteran of Google and Ebay to be its first chief marketing officer as the world’s largest social network seeks to expand its global brand.
The guy just turned up on the trading floor one day.