Patrick Lai’s Post

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

🏦 BREAKING: Barclays Announces Major Job Cuts Amid Restructuring Efforts 📉 📕 Stay ahead of the curve, stand out, and impress with stellar industry knowledge. 🚨 Alarm Signal: Barclays, a major player in the banking sector, has implemented substantial job cuts, reducing their workforce by 5,000 in 2023. 💼 Industry Perspective: The banking industry witnessed a total of 58,000 job cuts last year, with UBS/Credit Suisse, Wells Fargo, and Citi also making notable reductions. 🔗 Read the full article here: https://lnkd.in/eswSzWvD 🟢 🆓 Know the firms. Know the market. Get 1 month FREE on Monthly Memberships: https://lnkd.in/erfj9aXf #Barclays #BankingIndustry #JobCuts #Restructuring #FinancialPerformance #BankingNews #IndustryTrends #CorporateStrategy

UBS Reports Profit, Announces Job Cuts Post-Merger > UBS marks first profit since Credit Suisse takeover, exceeding estimates and reporting USD 1.8 billion net income > UBS plans to cut 3,000 jobs in Switzerland, with significant cost savings anticipated from the merger Read more: https://bit.ly/44I7lKD #internationalfinance #ubs #creditsuisse #profit #jobcuts #merger #banking #finance #costsavings

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

Barclays Announces £1B Cost-Cutting Objective: Barclays is working on a cost-saving plan targeting £1 billion ($1.25 billion). Job Cuts: The plan may involve cutting 2,000 jobs, primarily in the bank's back office. Leadership: CEO C.S. Venkatakrishnan is spearheading the efforts to boost profitability. Share Price Decline: The initiative aims to address a 26% fall in Barclays' share price under Venkat's leadership. Focus Area: Job cuts are expected to concentrate on Barclays Execution Services ('BX'). Expense Reduction: The £1 billion in potential savings represents approximately 7% of the bank's annual operating expenses of £15 billion in 2022. Market Response: Barclays' shares rose by 0.3% following the announcement of the cost-saving plan. Analyst View: Analysts view the potential savings positively, offering clarity on the restructuring benefits, but await details on the timeline for implementation. #costsavings #restructuring #barclays #finance #markets

✨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

What's New to The Street... 📈 UBS Group's smaller Swiss competitors are ramping up hiring of ex-Credit Suisse staff, aiming for a bigger slice of the wealth-management pie. 🤝💼 👉🏻Follow New To The Street for more! #UBS #CreditSuisse #WealthManagement #businessnews #business #news #newtothestreet

What's New to The Street... 📈 UBS Group's smaller Swiss competitors are ramping up hiring of ex-Credit Suisse staff, aiming for a bigger slice of the wealth-management pie. 🤝💼 👉🏻Follow New To The Street for more! #UBS #CreditSuisse #WealthManagement #businessnews #business #news #newtothestreet

UBS exit highlights Wall Street distress amid deal slump The Bond Buyer | caitlin devitt The dramatic move last month by UBS Financial Services to lay off nearly its entire public finance team and exit the negotiated underwriting business is an extreme example of the cuts seen at big firms since January as the municipal market slogs through its second year of anemic issuance. But the Wall Street layoffs offer an opportunity for regional firms to pick up veteran talent, market sources said.   The recent string of turnover across firms can be categorized as the "Great Reset," said JAMES PRUSKOWSKI, chief investment officer at 16Rock Asset Management. "It's being defined by large layoffs, compensation compression, consolidation, and involuntary or voluntary retirements," he said. "The banking business, alongside lower new-issue supply, is behaving more as an expense than a revenue center, and profitability from trading is down across the board on all Wall Street." … Citi also recently launched a major restructuring that will give CEO Jane Fraser increased authority over Citi’s five main business units, while also cutting management layers. JAMES PRUSKOWSKI noted that Citi has lost a lot of skilled labor in recent months and “as a liquidity provider, they’ve fallen down the ranks.” But, he added, the firm is “still doing a great job staying active.” #municipalbond #dealflow #layoffs #retirement #greatreset #compensation #consolidation #newnormal #opportunity #wallstreet Jessica Lerner #publicfinance #skilledlabor https://lnkd.in/etH3QQPz

✨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