Bloomberg reports that French bank BNP Paribas is to cut up to 800 staff, or 5% of employees at its investment banking unit.
The firm has said that losses since October more than wiped out the division's profits for the first three quarters of the year, and that the unit was $981m in the red through November. The losses include some $484m related to the Bernard Madoff scandal.
Reuters reports that Deutsche Bank has axed up to 60 staff in its Global Markets unit in Japan. The cuts are said to have come in credit, sales and trading and asset securitization. The news agency also reports that, according to an unnamed 'person with direct knowledge' of the situation, Credit Suisse has cuts its Japanese investment banking workforce in half (and by at least 30 staff), after closing its asset securitization unit and paring back leveraged finance there.
The Wall Street Journal reports that Bank of America is thought to have culled around 20 senior executives, including its general counsel and the head of its West Coast consumer banking unit. And Bloomberg reports that the bank has also canned around 17 equity analysts as it reduces overlap in the light of the Merrill Lynch acquisition.
Bloomberg reports that independent brokerage Charles Schwab is to cut 100 jobs in the fourth-quarter, whilst The Wall Street Journal says that AIG Investments is to cut 6% of its 1,950 workforce, or 117 jobs. The cuts include several senior managers and executives.
Finally, The Financial Times reports that Citigroup is to merge its corporate and investment banking units (again) to improve client cross-selling opportunities. Doubtless CEO Vikram Pandit will be able to chop a few heads too.
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