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✨BARCLAYS ARE SET TO CUT HUNDREDS OF JOBS ACROSS ITS INVESTMENT BANK✨ Barclays is reportedly set to cut hundreds of jobs across its investment bank. According to multiple reports from the likes of Bloomberg News and Reuters, the layoffs will see the bank take the axe to under-performing investment bankers. Sources cited by Reuters said that the cuts come following Barclays' annual review process and are expected to take place in the coming months. A Barclays spokesperson told the news wire: “We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients." Barclays previously eliminated over 5,000 staff in 2023 in a broader cost-cutting effort. Poor financial conditions saw dealmaking plummet in 2023, a trend which has continued into 2024 and one which has had a significant impact on the wider banking industry. Barclays has previously said that it is looking to shift its strategy, prioritising expansion of its consumer bank and cooling on investment banking. British rival bank HSBC meanwhile is looking to expand its investment bank, with Greg Guyett, chief executive of global banking and markets, telling Financial News this week that it plans to add around 200 staff to the division in "the next couple of years". He told the outlet: "I’ve been very clear that we’re going to stay consistent in our investment in investment banking. You haven’t seen any stories about HSBC cutting or reducing staff. We’ve maintained staff. In fact, we’ve taken the opportunity in Asia as our competitors – particularly the Americans – have reduced their footprint to hire some great people.” Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eNBtcanW
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Goldman Sachs has removed caps on banker bonuses in the UK. 🤑 The cap, introduced in 2014 by the EU, limited bonus compensation to 2x an employee’s salary. Now, that figure can extend up to 25x, offering significantly more scope for competition within the city. Spokespeople from GS argued this decision “support[s] the UK as an attractive venue for talent” - but, after 2023 saw reduced starting salaries and a surge of layoffs, this change also signals a move back to a people-first philosophy across the banking sector. Do you think we’ll see other banks following suit in the UK? Let me know in the comments #banking #finance
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📈 #GoldmanSachs Layoffs & #Compensation Increases. Smart Move? 🤔 Goldman Sachs recently laid off an additional 100 employees in Q2, likely from its underperforming platform operations division. At the same time, they decided to increase compensation for the remaining employees. #Layoffs often result from shifts in business priorities, driven by industry trends or concerns over financial performance. But are they sending the right message by immediately redirecting those funds into salary increases? IMO, yes! And, I want to be clear: layoffs are an unfortunate reality. But, this move demonstrates a clear reinvestment in the company's most valuable asset—its people. It's not a play you want to implement often to drive #EmployeeRetention, but it gets the message across. It's reminiscent of Ramit Sethi's advice: "Spend extravagantly on the things you love, and cut costs mercilessly on the things you don't." What do you think? Share your thoughts in the comments below! _______________________ No matter where you stand in your career, it's essential to plan for #resilience in case you ever face a layoff. Check out our latest YouTube video for more insights: https://lnkd.in/ev7QF4E8 https://lnkd.in/eU6Z5j7G #BusinessStrategy #IndustryTrends #EmployeeCompenstation #FinancialIndustry #WorkplaceInsights
Goldman Sachs is still cutting jobs, but it's on track to raise pay by an average of 15%
efinancialcareers.com
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Founder & CEO of Spartan International, No.2 Bestselling Author on Amazon, Holistic Life & Careers Leader, Guest Lecturer, OMs Careers Committee Chair and Mentor (23k+ connections)
✨BARCLAYS ARE SET TO CUT HUNDREDS OF JOBS ACROSS ITS INVESTMENT BANK✨ Barclays is reportedly set to cut hundreds of jobs across its investment bank. According to multiple reports from the likes of Bloomberg News and Reuters, the layoffs will see the bank take the axe to under-performing investment bankers. Sources cited by Reuters said that the cuts come following Barclays' annual review process and are expected to take place in the coming months. A Barclays spokesperson told the news wire: “We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients." Barclays previously eliminated over 5,000 staff in 2023 in a broader cost-cutting effort. Poor financial conditions saw dealmaking plummet in 2023, a trend which has continued into 2024 and one which has had a significant impact on the wider banking industry. Barclays has previously said that it is looking to shift its strategy, prioritising expansion of its consumer bank and cooling on investment banking. British rival bank HSBC meanwhile is looking to expand its investment bank, with Greg Guyett, chief executive of global banking and markets, telling Financial News this week that it plans to add around 200 staff to the division in "the next couple of years". He told the outlet: "I’ve been very clear that we’re going to stay consistent in our investment in investment banking. You haven’t seen any stories about HSBC cutting or reducing staff. We’ve maintained staff. In fact, we’ve taken the opportunity in Asia as our competitors – particularly the Americans – have reduced their footprint to hire some great people.” Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eSXZNhzi
Barclays set to slash investment banking roles
fstech.co.uk
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Making Businesses more Sustainable and Purposeful. Real Estate I Family Office I Private Equity I ESG. 地产 I 家族理财 I 私募基金 I ESG
UBS is planning another round of job cuts as it continues to trim headcount post its rescue of Credit Suisse. Expected to affect over a hundred positions in the global investment bank, wealth management, and markets units, the move is not just routine pruning but a significant reduction. CEO Sergio Ermotti aims to save around $6 billion in staff costs. UBS has shown little appetite for Credit Suisse's investment bank since the takeover, cutting senior investment bankers in January and trimming staff in Asia. The news of Swiss government's proposal to increase regulatory capital requirements has impacted UBS's shares, with potential implications of a $20 billion capital hit. Chairman Colm Kelleher warned that 2024 will be challenging due to the ongoing integration and restructuring process. #UBS #Growth #Investment #Business #WealthManagement I Bloomberg News I Gillian Tan I Jan-Henrik Förster
UBS Plans Next Round of Layoffs in Credit Suisse Integration
bloomberg.com
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UBS Investment Bankers Brace for Next Round of Layoffs: According to a media report, investment bankers at the «new» UBS must prepare for further layoffs. But they are also having to deal with a paradox: the Swiss megabank has ambitious growth plans for its business. #Investmentbank #layoffs
UBS Investment Bankers Brace for Next Round of Layoffs
finews.asia
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Leader in banking. I care, empower and deliver. Experienced professional in banking and asset management, solid foundations in data science, models and risk management. I wrote books, but remain an eternal student.
UBS announces more layoffs. That is sad, but the right thing to do. This is necessary to keep the bank profitable and avoid problems, after all they are now too big to fail for Switzerland. When banks merge they gain complexity (more staff needed), but they also loose business. People and companies like to split assets and business over multiple banks. If you were creating you own market by playing UBS against CS, then your game is soon over and it is time ro move a part of your assets. If you work for UBS, it might be a good moment to be ambitious, get out of your comfort zone, and apply elsewhere. You and me, we tend to be loyal to the companies that we work for, we trust them (and thus their shareholders) as respected family. However, and employer is not family. Family cannot fire you and take your means to subsidence away. In Krakow, HSBC might be an alternative. I will post later some jobs. If you don't work for UBS, maybe consider every CV from UBS carefully. Behind each CV is a family with needs and fears. https://lnkd.in/de7aknaK
Five waves of UBS layoffs to start in June, SonntagsZeitung says
reuters.com
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