Wall Street News – October 25, 2010

Deutsche job cuts to come

The Bottom Line:

Deutsche Bank is currently reviewing its personnel and are expected to cut 5-10% of their staff.

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Investment Bank, Securities Dealing Job Count Sinks Again

The Bottom Line:

The number of workers in investment banking and securities in New York has declined more than 20% for the second year in a row. 

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Morgan Stanley Cuts Investment Bank's Bonus Pool 8% as Brokerage Pay Rises

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MOVES-FINRA, JP Morgan, Deutsche Bank, UBS

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Jefferies: the bank that keeps on hiring

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Traders strike out to sell skills in a buyer’s market

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Goldman Names Asset Management Chairman

The New York Times, September 10, 2010

Jim O’Neill, the Goldman Sachs economist best known for coining the BRIC acronym, has been named chairman of the firm’s asset management business.

Mr. O’Neill, 53, will remain based in London and will report to Ed Forst and Tim O’Neill, co-heads of the firm’s investment management division, which includes Goldman Sachs Asset Management. The asset management business oversees $802 billion in assets.

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BP Hirings at Barclays: Building Up an Energy Team

The New York Times, September 10, 2010

Barclays Capital has hired seven sales executives from BP, in a move meant to bolster its energy trading business in North America, according to an internal memorandum obtained by DealBook.

The hirings are part of Barclays’ effort to expand its physical trading business and better compete against the likes of Goldman Sachs and Morgan Stanley. (Read the memoafter the jump.)

Troy Black and Paul Dunsmore will become managing directors in the United States energy sales, exploration and production team, according to the memo from Roger Jones, head of commodities, and Craig Shapiro, head of commodities distribution.

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Diamond to be new head of Barclays

Bob Diamond (above)

Patrick Jenkins, Financial Times, September 7, 2010

Barclays on Tuesday confirmed Bob Diamond, head of its fast-growing investment bank, as its next chief executive.

Mr. Diamond, who runs BarCap from New York but will move back to London to take up his new post, will be paid an annual salary of £1.35m, up from the current £250,000. His annual bonus will be two and a half times his salary – £3.37m – and he will also receive a long-term incentive plan of five times his salary.

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Peek Returns to Banking With New Job at Barclays

Jeffrey Peek (above)

The New York Times, September 8, 2010

Jeffrey M. Peek, the chief executive who built up the CIT Group, only to see it nearly capsize during the financial crisis, has returned to his investment banking roots with his latest job.

Mr. Peek will join Barclays Capital as a vice chairman in its investment banking division, the firm announced on Wednesday. He will advise clients across the firm, with an emphasis on financial services firms, and will report to global investment banking head Skip McGee.

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HSBC Says Green Stepping Down for Ministry

The New York Times, September 7, 2010

Stephen Green, chairman of HSBC, is stepping down to become the British trade minister, the bank announced Tuesday.

“Serving Britain in the vital areas of trade and investment is an important role, and one [to] which Stephen brings a wealth of experience and expertise,” the bank said in an e-mailed statement.

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Barclays Elevates Diamond to C.E.O.

Robert Diamond (above)

Julia Werdigier and Michael J. De La Merced, The New York Times, September 7, 2010

LONDON — Barclays on Tuesday named Robert E. Diamond Jr. to become its next chief executive, succeeding John Varley, as the British bank seeks to keep up its rapid growth amid tougher competition.

Mr. Diamond, 59, helped turn Barclays into a global brand with the acquisition of Lehman Brothers’ operation in the United States. A charismatic American, he was equally responsible for much of the bank’s international and financial growth in the last decade.

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RBS Cutting 3,500 Back-Office Jobs

The New York Times, September 2, 2010

Royal Bank of Scotland said Thursday that it would cut 3,500 jobs and close sites in England over the coming year.

The layoffs will hit employees in administration and IT as the bank shutters some of its operations in such towns as Leeds and Bristol. Barclays Capital and Credit Suisse also announced back-office cuts in recent weeks, although RBS’s are far larger. Five hundred of the jobs will be outsourced, the bank said in an e-mail message.

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UPDATE 1-MOVES-Goldman Sachs, Tullett Prebon, Marsh

Siddharth Cavale, Reuters, August 17, 2010

The asset management unit said late on Monday it named Philip Sanders as chief investment officer of its two investment subsidiaries, Waddell & Reed Investment Management Co and Ivy Investment Management Co.

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Deutsche Bank’s Wolfgang Matis, Global Markets Germany Chief, Will Retire

Aaron Kirchfeld, Bloomberg, August 3, 2010

Deutsche Bank AG’s Wolfgang Matis, head of the global markets unit in Germany, will be retiring at the end of 2010 after 33 years at the company.

Dirk Schmitz who is joining Frankfurt-based Deutsche Bank from Morgan Stanley, will assume Matis’s main responsibilities, according to an internal memo obtained by Bloomberg News and confirmed by spokesman Frank Hartmann.

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