More Job Cut News

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 news agency also reports that Charles McLaughlin, chief operating officer in Asian equities over at Deutsche Bank, is said to be among a number of people who lost their jobs this week, as the firm wielded the axe in Hong Kong. Six from the prop trading unit there are also said to have lost their jobs.

Financial News reports that French bank Natixis is to double the amount of job cuts it plans to make over at its corporate and investment banking unit. 450 job losses have already been announced this year, but an additional 450 are now on the agenda.

Bloomberg reports that Nomura is to 'eliminate' 100 jobs in Asia, and is stepping up job cuts in Japan, where at least 100 former Lehman staff are also likely to lose their jobs. And Fundstrategy reports that Karl Bergqwist, the co-head of fixed income, and Ashley Willing, the co-manager of the Gartmore UK Focus fund, are among the 60 - 75 staff to be let go at the firm in the current restructuring.

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