Fiona Hau’s Post

✨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

📈 #GoldmanSachs Layoffs & #Compensation Increases. Smart Move? 🤔 Goldman Sachs recently laid off an additional 100 employees in Q2, likely from its underperforming platform operations division. At the same time, they decided to increase compensation for the remaining employees. #Layoffs often result from shifts in business priorities, driven by industry trends or concerns over financial performance. But are they sending the right message by immediately redirecting those funds into salary increases? IMO, yes! And, I want to be clear: layoffs are an unfortunate reality. But, this move demonstrates a clear reinvestment in the company's most valuable asset—its people. It's not a play you want to implement often to drive #EmployeeRetention, but it gets the message across. It's reminiscent of Ramit Sethi's advice: "Spend extravagantly on the things you love, and cut costs mercilessly on the things you don't." What do you think? Share your thoughts in the comments below! _______________________ No matter where you stand in your career, it's essential to plan for #resilience in case you ever face a layoff. Check out our latest YouTube video for more insights: https://lnkd.in/ev7QF4E8 https://lnkd.in/eU6Z5j7G #BusinessStrategy #IndustryTrends #EmployeeCompenstation #FinancialIndustry #WorkplaceInsights

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 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

How Citi’s exit is reshaping the muni landscape The Bond Buyer | Jessica Lerner Citi's exit from the municipal business late last year, on the heels of UBS' closure of its negotiated underwriting business in October, has brought about a redistribution of high-level bankers, traders and other market players to a broad range of municipal firms that is leading to an evolved muni market landscape in 2024.  …. The spree of recent hires is part of what JAMES PRUSKOWSKI, chief investment officer at 16Rock Asset Management, calls the “Great Reset” in the muni market, rolling over from 2023, which saw a “war on junior talent and fee compression and regulation” that led to layoffs, compensation resets and consolidation of teams and business. “The market naturally in this scenario created huge opportunities,” JAMES PRUSKOWSKI said. “There is no shortage of skilled labor; it’s that they’re being redistributed to other shops.” https://lnkd.in/gYCCi-yY #municipalbonds #muniland #jobs #opportunity #thegreatreset #notthegreatdepression #roaring20s #talentwar #budgets #fees #compression #regulation #technology #skilledlabor #layoffs #consolidation

UBS is planning another round of job cuts as it continues to trim headcount post its rescue of Credit Suisse. Expected to affect over a hundred positions in the global investment bank, wealth management, and markets units, the move is not just routine pruning but a significant reduction. CEO Sergio Ermotti aims to save around $6 billion in staff costs. UBS has shown little appetite for Credit Suisse's investment bank since the takeover, cutting senior investment bankers in January and trimming staff in Asia. The news of Swiss government's proposal to increase regulatory capital requirements has impacted UBS's shares, with potential implications of a $20 billion capital hit. Chairman Colm Kelleher warned that 2024 will be challenging due to the ongoing integration and restructuring process. #UBS #Growth #Investment #Business #WealthManagement I Bloomberg News I Gillian Tan I Jan-Henrik Förster

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

🚀 From Screening to Placement: See How Bankside Chase Delivers Top IT Talent! 🚀 Discover how Bankside Chase’s meticulous recruitment process ensures you get the best IT professionals, from thorough screening to seamless placement. #BanksideChase #ITRecruitment #TopTalent #EfficientHiring #TechTalent #BusinessGrowth #ITStaffing #TechRecruitment #SeamlessPlacement

𝗝𝗼𝗯 𝗣𝗿𝗼𝘀𝗽𝗲𝗰𝘁𝘀 𝗶𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝟮𝟬𝟮𝟰: 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗮𝗻𝗱 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗶𝗻 𝗧𝗶𝗺𝗲𝘀 𝗼𝗳 𝗖𝗵𝗮𝗻𝗴𝗲 With the integration of Credit Suisse into UBS, the Swiss financial sector is changing in many ways. Despite the challenges ahead, this process of change also brings with it opportunities. In such a context, how attractive the sector is for young professionals and what general career prospects it offers are both of particular importance. Take part in our thirteenth annual survey of job prospects in finance now: https://lnkd.in/dChZKpAA #survey #JobProspects #finance

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