Morgan Stanley may well be getting ready to fire up to 25 investment bankers, but the smart money is that many of those who receive their marching orders will have no trouble finding another job.
Although some of the bankers that Morgan Stanley plan to let go might be close to their 'sell-by' dates, others will just have been working in sectors where M&A hasn't been that hot. And there are currently no shortage of firms looking to beef up their investment banking departments and take on someone with a good looking Rolodex.
Cazenove is to spin off its asset management arm by the end of the year, in order to create an independent business. The move could be a prelude to an eventual sale of the business.
The New York Stock Exchange has fined Nomura Securities $400,000 for a variety of alleged 'financial and supervisory failures'. Among other alleged shortcomings, the firm is said to have distributed trading-strategy reports without proper oversight. Nomura has settled without admitting or denying the charges.
Finally, Societe Generale has brought home the bacon this quarter. The French bank has posted third quarter profits up 40% to $1.32bn, helped by strong revenues from equity derivatives and fixed-income trading. Net income from the corporate and investment banking division accounted for 44% of group profit, as revenues rose by more than a third to $810m. SocGen's shares have climbed by around 34% this year, and are currently close to an all-time high.