10%. That was the magic number at the start of the year. Recognising that 2008 was likely to be a difficult year, most firms were hoping to keep headcount reductions at or below 10% of the workforce. Few have succeeded in that aim.
Reuters reports that Goldman Sachs analyst William Tanona has said that Citi may writedown as much as $9bn in the second-quarter, forcing the company to raise additional capital and cut its dividend.
Should we applaud former Houlihan Lokey investment banking consultant Joshua Persky for the brave way he has gone about trying to find another job in the industry, or should we write him off as a loser with no sense of reality (and certainly no dignity) ? We're not sure.
Shares in UBS rose 4% at one point Tuesday, on rumours that HSBC was mulling over an $80bn bid for its Swiss rival.
The New York Times DealBook column reports that Lehman Brothers CEO Dick Fuld and firm President Bart McDade told Managing Directors earlier this month that they would forgo the payment of bonuses this year as their firm is in the doldrums.
Bloomberg reports that Goldman Sachs has reversed itself on an analyst call last month which recommended that investors move back into financial and consumer stocks.
'I lost my job last November - just before year end. Yep, I worked hard almost the whole year, and my reward was to get canned just in time to miss out on a 2007 bonus!
With many firms currently cutting investment banking heads, or likely to do so some time soon, we thought is would be interesting to try and work out the probability rate of you surviving job culls at your firm this year, and remaining in position at year-end.
Credit Suisse is the latest firm to wield the job axe, confirming Friday that 75 London-based staff from the firm's investment banking division are to be cut. The New York Post also reports that the firm is expected to cut divisional staff in New York too.
CNBC reports that JPMorgan Chase boss Jamie Dimon, not content with swallowing the Bear, has his eyes on landing Wachovia too.
Gentlemen, I'm sorry, but given the choice, the majority of the women in the U.S. would rather give up sex than their mobile device for a week.
The best way to go about it is to slip it into a conversation, very soon into your new job.
Bloomberg has some great visual data on under-achieving CEOs - and 3 big bank executives make the 'top' 15.