Posted on 27-07-2010
Today, Financial News has woken up to the fact that job cuts or pay cuts, or job cuts and pay cuts, are imminent.
It quotes a head of UK investment banking, and a headhunter, predicting 10-15% headcount cuts, and staff eliminations to maintain the bonus pool.
So far, so predictable. However, it’s worth bearing in mind two additional and less foreseen factors, which may make the coming cuts a) deeper and b) sooner than anticipated.
1) New arrivals will be abnormally willing to eliminate people already in situ
Banks have made a number of senior hires this year. Many of those people are on long notice periods and won’t arrive until September/October.
Once they’re there, a combination of falling revenues and the urge to make their presence known is likely to expedite redundancies among existing staff. Think Dixit Joshi, who’s turning up at Deutsche Bank in October, or Can Uran, who’s turning up at UBS at global head of emerging markets FICC in early September.
Source: eFINANCIALCAREERS ( Read Article...)
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