Vawch Blog

Selective hiring in Private Banking amidst the onslaught in IB

December 16th, 2008 in News, Random musings

More tough news for bankers as the layoff announcements continue. A total of 92,260 job cuts have been announced globally at major investment banks since October. Here are some of the the latest. 

- BlackRock Inc. is cutting 500 jobs worldwide.
- Fidelity Investments is cutting nearly 3,000 jobs right after the new year.
- Legg Mason Inc. is axing around 200 jobs.
- Bank of America Corp. said job cuts may grow to 35,000 after its purchase of Merrill Lynch & Co. BofA already announced it will began laying off employees in their U.S. equity research departments.
- Blackstone Group LP plans to cut 70 jobs as profits from leveraged-buyouts decline.
- Goldman Sachs Group Inc. is altering its retirement rules as it restructures its work force and could therefore  possibly help reduce headcount by more than the 3,000-plus it intends to lay off.
-Bank of New York Mellon Corp. plans to lay off 4% of its work force, or 800 people.

Interestingly enough there is still selective hiring activity in the wealth management space. From what I’m hearing the likes of Morgan Stanley, Credit Suisse, BNP are still hiring. . . .