Deutsche Börse executives are planning an overhaul that will result in 350 job losses, a new focus on organic growth, acquisitions, and new technologies, according to the German exchanges company’s “Roadmap 2020” strategy presentations at its annual Investor Day in London, May 30. In particular, Deutsche Börse officials want: To grow structural net revenue “by… Read More >>
Credit Suisse Ramps Up Cost-Cutting Plans
For the second time within the space of a year, Credit Suisse is announcing cuts, this time trimming a further SFr1 billion ($991 million) in operating costs amid challenging market conditions, including lower fees from asset management and a slump in investment banking, The original target had been to reduce its operating cost base to… Read More >>
HSBC to Cut Up to 13,000 Ops Jobs
HSBC will be cutting up to 13,000 operations positions as part of its massive effort to cut 50,000 employees in a major overhaul of its businesses, which bank officials detailed this week in a presentation for investors and analysts. About half, or 25,000 positions will be eliminated because of business decisions by the bank and… Read More >>
CME Group to Slash 150 Jobs
CME Group is cutting its global workforce by five percent or approximately 150 positions, officials say, adding that the layoffs are part of a restructuring effort. Most of the job cuts will come from the exchange company’s technology division although there are cuts to come from corporate and administrative functions, officials add. “Our industry has… Read More >>
Will Ops Cuts Follow Front Office Layoffs?
Traders on Goldman Sachs’ fixed income, currency and commodities (FICC) desk are likely to be the latest victims of the post-financial crisis reality of a steep downturn in FICC trading profits, according to recent media reports. That reality has coincided with similar cuts at many of the world’s largest banks in recent years, and will… Read More >>
