Swiss private bank Julius Baer plans to cut between 660 and 880 jobs at Bank of America Merrill Lynch’s overseas wealth management business as the integration of the newly acquired unit gets under way, a Swiss newspaper said on Sunday.
In the meantime, Bloomberg News reports that Nomura is cutting about 100 investment banking jobs in Europe as its unwinds a four-year-old international expansion, three people with knowledge of the plans said.
The cutbacks are part of a 30% reduction in the investment bank’s workforce in the region which began last week in areas including mergers and acquisitions. Guy Douglas, co-head of capital markets, acquisition and leverage finance in Europe, is leaving as part of the cutbacks, Bloomberg sources said.
Bloomberg also reports that Daiwa Securities has said that it will eliminate as many as 50 derivatives jobs in Hong Kong and may shrink investment banking and equity research in the city as part of an expanded cost-cutting program.
The firm will close its Hong Kong desk for over-the-counter trading of equity, currency and interest-rate derivatives, affecting 30 to 50 staff, Tokyo-based spokeswoman Kana Shirakawa said by phone Monday.
The company will retain three other desks on the trading floor handling commodity products, including grains.
Reuters also reports that Credit Suisse is trimming its investment banking team in Dubai and relocating some jobs to neighboring Qatar, three sources said, as part of efforts to cut costs and focus on richer markets.
RBS will eliminate 3,800 jobs at the division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation to be delivered by John Hourican, chief of markets and international banking, to analysts today. About 3,000 of the cuts will have completed by the end of this year, RBS said.
Finally, news agency also reports that Liquidnet, an all-electronic stock broker, said it laid off more than 30 employees at its New York headquarters last week, just under 15% of its workforce.
Links to original articles