We promise to inject a little levity into our afternoon edition, but here's a little more doom and gloom in the meantime. Sorry.
The Financial Times reports that Man Group, the world's largest publicly traded hedge fund, now plans to axe around 20% of its headcount (that's around 400 jobs) by early next year, as it integrates hedge fund acquisition GLG Partners and embarks on a cost-cutting drive.
The firm's shares have fallen over 30% in the last few days, following a trading statement issued Wednesday that revealed a $6bn fall in assets under management.
In the meantime, Reuters reports that Swiss private bank Julius Baer is to cut around 150 jobs (about 4% of global headcount), mainly in its private banking and investment solutions group. The job cuts will be part of a third-cost cutting initiative this year.
The news agency also reports that French bank Credit Agricole is planning to cut its structural debt by around $68.2bn by the end of next-year, and will be scaling back, among other things, capital-intensive activity at its corporate and investment bank. Job cuts look inevitable.
Finally, Marciel Kreis, the head of Credit Suisse's Asia-Pac private banking unit, has told the Reuters Wealth Management Summit in Singapore that: 'In the last 2 or 3 years, client appetite for risky, longer-term investment hasn't returned to pre-2008 levels', and has confirmed that the Asia-Pac region is expected to face its share of the burden as Credit Suisse looks to capture $1.1bn in cost-savings to be realised in 2012.
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