More Investment Banking Jobs To Go

Reuters reports that Credit Suisse is to axe another 650 jobs in its investment banking unit across the UK. Prop traders and support staff are thought likely to be among the casualties.

And The Financial Times reports that HSBC is to axe 500 jobs, mainly at its London Headquarters building, where positions in legal and finance are likely to be vulnerable.

Financial News reports that a 'large number' of senior Morgan Stanley equities traders are leaving the firm, or facing redeployment, as the Wall Street firm implements its latest headcount reduction plan. Some 10% of Morgan Stanley's institutional securities staff are being axed.

Reuters reports that Barclays Capital is planning to slash 50 jobs in leveraged finance, loan syndications and sales, and that Aberdeen Asset Management has confirmed that it is to embark to a fresh round of cost-cutting. The news agency reports that the firm has already outsourced 200 jobs in its property arm, but the company would not be drawn on the number of heads (if any) likely to be chopped in the latest review of costs.

Finally, The Times reports that, over in the US, JPMorgan Chase is to lay-off up to 9,000 Washington Mutual staff, or 20% of total employees, following its recent takeover.

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