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Factbox: Global banks cut jobs as cost pressures mount

LONDON, Jan 13 (Reuters) - Global banks are in the process of cutting over 6,000 jobs as profits at lucrative investment banking units come under pressure from volatility in capital markets and fast-rising interest rates, according to a Reuters tally of reported cuts.

Rapidly deteriorating economic conditions have also prompted lenders to build rainy-day funds to brace for potential defaults.

The following major banks have announced or been reported to be making job cuts:
BARCLAYS

Barclays (BARC.L) cut its workforce in corporate and investment banking by under 3%, a source told Reuters on Nov. 8, weeks after reporting a 45% slump in merger advisory fees.

The British investment bank has performed well in recent quarters, especially in fixed income trading, but a blunder in the United States that saw it sell more securities than permitted has cost it hundreds of millions of dollars in penalties.
CITIGROUP

Citi (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov. 8.

The U.S. lender has, like its peers, boosted its lending income as interest rates rise, but the aggressive action by the Federal Reserve and other central banks has sparked fears of a downturn that could hit banks' loan books in time.
CREDIT SUISSE

Credit Suisse (CSGN.S) is accelerating cost cuts, Chairman Axel Lehmann said on Dec. 2, confirming a Reuters report, as the bank races to slash its cost base by around 2.5 billion Swiss francs ($2.68 billion).

Credit Suisse had already said it would lay off some staff. The cost savings reported are likely to involve more job cuts than previously announced for the first wave of reductions, including in its wealth business, Reuters reported.

The bank is cutting about 5% of its private banking headcount in Hong Kong, two sources said.
DEUTSCHE BANK

Deutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move that affected mostly junior bankers.

The cuts included dozens of staff in New York and London, Reuters reported.
GOLDMAN SACHS
A branch of Barclays Bank is seen, in London

[1/5] A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. REUTERS/Peter Nicholls/File Photo

Goldman Sachs (GS.N) began laying off staff on Jan. 11 in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter told Reuters.

Just over 3,000 employees will be let go, the source, who could not be named, said on Jan. 9. A separate source confirmed on Jan. 11 that cuts had started.

The long-expected jobs cull at the Wall Street titan is expected to represent the biggest contraction in headcount since the financial crisis.
HSBC

Under pressure from his biggest shareholder, China's Ping An Insurance Group, to improve profit, HSBC (HSBA.L) Chief Executive Noel Quinn has in recent months accelerated plans to shrink its global empire and streamline its management.

Reuters reported HSBC is shedding at least 200 senior managers as it prunes the ranks of chief operating officers it has across an array of country and business lines.

The bank also announced it is selling its Canadian business for $10 billion, removing around 4,000 employees from its wage bill in a stroke. It also announced on Nov. 30 the sale of its much smaller New Zealand business, and the closure of a further 114 branches in Britain, leaving it with around a third of the outlets it had as recently as 2016.
MORGAN STANLEY

In December, Morgan Stanley (MS.N) slashed about 2% of its workforce, a source familiar with the company's plans told Reuters. The cuts reportedly affect about 1,600 positions.

The investment bank is making modest job cuts worldwide, Chief Executive James Gorman said at the Reuters NEXT conference on Dec. 1, without giving numbers.

Reuters had on Nov. 3 reported layoffs were coming at Morgan Stanley, with dealmakers in its Hong Kong and mainland China businesses among those affected, as strict Chinese lockdown rules weighed on activity. Sources said the cuts would go beyond usual attrition.
WELLS FARGO & CO

Wells Fargo & Co (WFC.N) slashed hundreds of jobs in its mortgage business across the United States, Bloomberg News reported in December, citing people familiar with the bank's plans.

"We regularly review and adjust staffing levels to align with market conditions and the needs of our businesses," the bank had said in an emailed statement to Reuters at the time, without giving any details on the number of employees or units affected.
BANK OF NEW YORK MELLON CORP

Bank of NY Mellon Corp (BK.N) is preparing to cut about 3% of jobs this year, according to a source familiar with the matter.

The cuts would affect around 1,500 employees.

($1 = 0.9321 Swiss franc)

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Originally posted by SIGNYM:
They missed mentioning Black rock

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Originally posted by 6IXSTRINGJACK:
Property taxes going UP UP UP UP UP is about to be a thing.

Just looked into the reassessed value of my home and they're telling me it's worth twice what it was last year. The neighbors around me aren't quite as dramatic, but a rise in $50k to $75k seems to be the norm.

So on top of all the inflation that's wreaking havoc on at least 70% of the US Population under Joe Biden*'s reign, fully expect many people to be taxed out of their home and thrown out on the street when the tax bills come in.

More easy pickins for Blackrock and Vanguard. Especially when property values crash because of interest rate hikes (and the taxes don't go back down) and the amount of foreclosures there are going to be on the market.

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All Quiet (Panic) on the Western Front

Pepe Escobar for the Saker blog

Shadows are falling / And I’ve been here all day / It’s too hot to sleep / And time is running away / Feel like my soul / has turned into steel /I’ve still got the scars / That the sun didn’t heal / There’s not even room enough / To be anywhere / Lord it’s not dark yet, / but it’s getting there

Bob Dylan, Not Dark Yet

Lights! Action! Reset!

The World Economic Forum (WEF)’s Davos Freak Show is back in business on Monday.

The mainstream media of the collective West, in unison, will be spinning non-stop, for a week, all the “news” that are fit to print to extol new declinations of The Great Reset, re-baptized The Great Narrative, but actually framed as a benign offer by “stakeholder capitalism”. These are the main planks of the shady platform of a shady NGO registered in Cologny, a tony Geneva suburb.

The list of Davos attendees was duly leaked. Proverbially, it’s an Anglo-American Exceptionalist fun fest, complete with intel honchos such as the US Director of National Intelligence, Avril “Madam Torture” Haines; the head of MI6 Richard Moore; and FBI director Christopher Wray.

Remixed Diderot and D’Alembert Encyclopedias could be written about the Davos pathology – where a hefty list of multibillionaires, heads of state and corporate darlings (owned by BlackRock, Vanguard, State Street and co.) “engage” in selling Demented Dystopia packages to the unsuspecting masses.

...

And it gets juicier: the coke comedian posing as warlord may join via zoom from Kiev.

The notion that this panel is entitled to emit judgments about “peace” deserves nothing less than its own Nobel Peace Prize.

How to monetize the whole world
...

In parallel, very few people are aware that on June 13, 2019 in New York, a secret deal was clinched between the UN, the WEF, an array of oligarch-weaponized NGOs – with the WHO in the front line – and last but not least, the world’s top corporations, which are all owned by an interlinked maze with Vanguard and BlackRock at the center.

The practical result of the deal is the UN Agenda 2030.

Virtually every government in the NATOstan area and the “Western Hemisphere” (US establishment definition) has been hijacked by Agenda 2030 – which translates, essentially, as hoarding, privatizing and financializing all the earth’s assets, under the pretext of “protecting” them.

Translation: the marketization and monetization of the entire natural world (see, for instance, here, here and here.)

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Originally posted by SIGNYM:
Coincidentally, I just read this today. It's about the Davos meeting being held this week..

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Originally posted by 6IXSTRINGJACK:
Don't worry. You don't need to have a murderous AI inside your house to let AI ruin your life. Anyone with cell phones and speaker do-dads making their lives easier are being spied on and having all of their conversations catalogued for future use.

Maybe they'll even use an AI that decides who is going to live or die based off of all that collected data when the Super Villians at the WEF pull the trigger on whatever bombs they've set to wipe out half the world population.

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Originally posted by JAYNEZTOWN:
Although recently I seen some dinosaur mainstream media clips be slightly critical of Kamala Harris and Joe Biden's policy so it might be changing.

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Originally posted by 6IXSTRINGJACK:

And I'll tell you what. If they can find some dumb jagoff to buy my home for what they're telling me it's appraised for right now, I will sell the house this afternoon and have everything moved out by the weekend without even having a plan about what I'm going to do with all the stuff and where I'm going to live.

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Originally posted by second:

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Originally posted by 6IXSTRINGJACK:

And I'll tell you what. If they can find some dumb jagoff to buy my home for what they're telling me it's appraised for right now, I will sell the house this afternoon and have everything moved out by the weekend without even having a plan about what I'm going to do with all the stuff and where I'm going to live.

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Here are three companies that will make your Dream of Homelessness a reality:

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