Is your firm making the news ? And, if so, why ?
WestLB AG is a commercial bank domiciled in North Rhine-Westphalia, Germany's most densely populated federal state and it is one of Germany´s leading providers of financial services.
All the talk of bonuses and games of hiring musical chairs has kind of distracted us from focusing on that big train coming down the tunnel - layoffs.
Bloomberg reports that Minneapolis-based investment bank Piper Jaffray is to cut around 40 of the 70 staff it currently employs in London, as its business model 'was impacted by the lack of capital raisings by...small and mid-cap clients'.
Bloomberg is reporting that Barclays Capital is to axe up to 600 jobs around the world following a review of its operations.
The early part of every year - after bonuses have been paid out - is usually when firms start to really beef up their payrolls (provided the outlook for the economy justifies it).
Speculation is already mounting about the firms that are likely to pay the most 'doughnut' bonuses (i.e. nothing) to staff this year-end.
The International Financing Review (IFR) released details of its 2010 Awards last week.
It was our most popular Best Place to Work poll yet, with in excess of 210,000 votes cast overall.
It's not only bonus payouts financial markets professionals are thinking about at the moment - it's also their job security.
Reuters reports that Merrill Lynch analyst Guy Moszkowski recently met with Goldman Sachs executives, including the firm's Chief Financial Officer David Viniar. He has made some interesting observations following the meetings.
The art collection of failed lender WestLB, including a piece by Morris Louis of the Washington Color School movement, is going on sale as the German state seeks to retrieve funds used in the bank’s rescue.
Reuters reports that German authorities raided the Frankfurt offices of state development bank KfW Wednesday, as the probe into how come a $411m swap transaction was executed with Lehman Brothers after the former Wall Street firm had filed for bankrupcty last month.
Investment Dealer's Digest have come up with a list of 40 bankers/traders under 40 who are making their marks in the financial markets. Here's the list:
The Wall Street Journal reports that Germany's WestLB, which almost collapsed during the financial crisis 'has accepted European Union demands that it reduce its balance sheet and operations, with the lender expected to cut 80%' of its 5,000 staff.
Deutsche Bank and UBS have been served with $2.7bn in damage claims in connection with the collapse of Italian dairy company Parmalat. Italian authorities have alleged that the banks provided false information about the company's financial position before it was forced into bankruptcy in late 2003. Both banks say that the allegations are false.
Reuters reports that the latest reshuffling of the ranks over at UBS Investment Bank has given rise to further thoughts that the Swiss bank might be better off without at least some of it.
Barclays shareholders voted 90% in favour of the $82.6bn offer the bank has on the table as it fights for control of Dutch rival ABN AMRO.
More embarrassment, it seems, over at WestLB. Just a week after the German bank let go two senior traders following a $134m loss allegedly sustained on trading shares in German carmaker Volkswagen, the bank has confirmed that it had inadvertently taken a 14% stake in carmaker DaimlerChrysler worth some $12bn.
The Times reports that the 400 people who work in global financial markets at WestLB in London have been advised that 15% of them will soon lose their jobs. The proposed cut follows swiftly on the 120 reduction in headcount on the equities side at WestLB Panmure.