Some Wall Street banks may soon start job cuts. Here’s who’s most at risk.
- Europe’s biggest bank, HSBC, has restarted plans to slash 35,000 jobs.
- Many banks had pledged they wouldn’t slash jobs during the coronavirus pandemic.
- Boutique firms without a strong restructuring practice are “dead in the water,” one investment banking executive recruiter told us. Bankers in the upper-middle ranks at these firms may be most at risk.
- Perella Weinberg’s restructuring practice is up 100% this year in terms of revenue, yet the firm this month laid off 50 bankers.
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Many Wall Street giants made pledges to keep jobs safe during the pandemic. But promises of job security can only go so far.
Some global banks have already resumed massive cuts they’d put on pause.
Europe’s biggest bank, HSBC, last week restarted plans to slash 35,000 jobs. Most cuts of those will be back-office jobs in investment banking and trading; senior bankers in Britain; and support staff around the world, according to media reports. Deutsche Bank is also moving ahead with layoffs it put on ice in March, CEO Christian Sewing said at the firm’s annual general meeting in May.
What remains to be seen is how things will shake out for …continued .
[Source: Business Insider]