Upskill Professionals’ Post

Good and bad news from Goldman Sachs: the firm is still cutting jobs, with 1,000 positions gone since January, representing a 2% decline. On a brighter note, net revenues rose by 17% year-on-year. However, the focus was not on hiring, as another 100 jobs were cut in the second quarter. It seems that ongoing headcount reductions might target the platform services division, which reported a $147m loss. In contrast, global banking and markets saw an 18% increase in net earnings. Despite the cuts, Goldman Sachs is on track to raise pay by an average of 15%. #finance #jobcuts https://lnkd.in/euYS52iw

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

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

US banks laying off staff to stay afloat Over the past year, nearly all of the largest banks in the US have resorted to layoffs. Bank of America cut 5,000 people, or actually 7,500 people when you consider that it also hired 2,500 students. Morgan Stanley announced in July that it was cutting 3,000 jobs. Wells Fargo and Goldman Sachs were also unable to avoid cuts. And now Citi’s staff working on reorganization are discussing cutting at least 10% of jobs in several major divisions. That is because Citigroup CEO Jane Fraser is under increasing pressure to fix the company, a global bank so difficult to manage that its challenges have consumed three of her predecessors since 2007. “The only thing she can do at this point is a really substantial headcount reduction,”  James Shanahan, an Edward Jones analyst, said in an interview. “She needs to do something big, and I think there’s a good chance it’ll be bigger and more painful for Citi employees than they expect.” Thus, the US banking sector is increasingly embroiled in challenges, and only JP Morgan has not yet reported any staff reductions.

UBS Investment Bankers Brace for the 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

Citi has initiated a series of layoffs as part of its CEO's companywide overhaul. The job cuts will be announced gradually, with some already affecting chiefs of staff, managing directors, and lower-level workers. The layoffs are expected to extend to more rank-and-file employees by February. CEO Jane Fraser’s restructuring, codenamed "Project Bora Bora," aims to revitalize the bank and catch up with its competitors. The restructuring involves significant headcount reductions and the elimination of several layers of management. These layoffs come amid a larger trend of job cuts in the banking industry, driven by factors such as interest rates and market conditions. This announcement comes after other major banks Wells Fargo, Goldman Sachs, Bank of America and Morgan Stanley announced significant workforce reductions. #projectborabora

Goldman Sachs posted strong earnings but will still cut jobs Revenues at Goldman Sachs may have risen 17% year-on-year in the three months to June, but the firm didn't set out hiring as a result. Instead, Goldman revealed that it cut another 100 jobs in the second quarter. Since January, 1,000 Goldman jobs have disappeared - a decline of 2%. Goldman is still cutting, but at a slower pace. It's not clear where the job cuts happened, but yesterdays results suggest Goldman's ill-fated platform services division, which made a $147m loss, should be the prime candidate for ongoing headcount reductions. In global banking and markets, by comparison, net earnings rose 18% year-on-year. Within global banking and markets, performance was mixed in Q2. As the chart below shows, Goldman Sachs' M&A bankers, debt capital markets bankers, and equities salespeople and traders underperformed rivals at J.P. Morgan and Citi in terms of revenue growth in the second quarter. The firm's equity capital markets bankers outperformed Citi's but underperformed JPMorgan's. Goldman's fixed income currencies and commodities (FICC) traders outperformed both rivals. Money set aside to compensate staff rose 14% year-on-year in the first six months of 2024, despite the reduction in headcount. As a result, average pay per head increased from $173k in the first six months of 2023 to $199k in the first six months of 2023. Within the investment banking and markets business, Goldman's financing operation is doing particularly well. The firm said that it earned the second-highest quarterly revenues ever in equities financing and that fixed income financing revenues were up 34% in the first six months. Equities financing includes prime broking; FICC financing includes secured lending by the securitization team, securities lending, and commodities financing. #jobs #hongkong #singapore #investmentbanking

Recent reports indicate that Morgan Stanley is reducing its investment banking workforce in the Asia Pacific region by at least 50 positions. The layoffs represent approximately 13% of Morgan Stanley's investment banking workforce in Asia, which totals 400 employees, as reported. Read more: https://lnkd.in/gtT9hykj #BusinessFrontier #InvestmentBanking #AsiaPacific #JobCuts

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

In the ever-evolving landscape of the financial sector, Citigroup, a major player in the United States, has recently initiated a sweeping restructuring plan, accompanied by layoffs and a management overhaul. This strategic move is a response to the challenging economic environment marked by rising interest rates, supply chain disruptions, and geopolitical tensions. This blog will delve into the intricacies of Citigroup’s restructuring, exploring the reasons behind the decision, its impact on employees and investors, and the broader implications for the financial industry. 🔥👇🏻😲 #USNewsUpdate #usnewstoday #USNews #Citigroup #Jobs #Layoffs #Citi https://lnkd.in/djDyA2a2