Deutsche Bank Reports Higher Profit in Tumultuous Quarter
Deutsche Bank Reports Higher Profit in Tumultuous Quarter
investment banking
Citigroup’s top European M&A dealmaker Harding-Jones to depart
Citigroup’s top M&A banker in Europe, and one of the few women to occupy such a senior role in the City, is leaving the Wall Street bank. Alison Harding-Jones, head of M&A for Europe, the Middle East and Africa and vice-chair of its banking, capital markets and advisory unit, has stepped down, according to an … Read more
HSBC’s gender and Black pay gaps got bigger in 2022
HSBC’s pay gap for female and Black employees in the UK increased last year, despite a focus on recruiting more senior staff. The UK lender’s average gender pay gap for UK employees in 2022 was 45.2%, according to figures in its annual report, up from 44.9% a year earlier. Meanwhile, the pay differential for Black employees … Read more
Finance workers’ cocaine use surges amid burnout crisis: ‘It’s just going up and up’
When Jaime Blaustein was interviewed for his first job at Morgan Stanley in 2012, he was hooked on heroin. Blaustein’s drug use had spiralled throughout his university studies as he moved from drinking alcohol and smoking marijuana to using cocaine, crack cocaine and, eventually, heroin. By the time he graduated, despite five attempts at rehab, he was a … Read more
Credit Suisse calls for calm with staff memo and investor talks
Credit Suisse tried to assuage fears about its health in a memo to employees and in a round of phone calls to investors and clients over the weekend, according to people familiar with the matter. Credit Suisse shares are down 21% over the last month and spreads on its credit default swaps, a type of insurance against default, rose … Read more
City bankers take gongs at annual awards for Black British businesses
The City’s top Black professionals and rising stars were honoured at a celebration of business talent on 29 September. In an awards ceremony that drew a crowd of nearly 500 at the Leonardo Royal Hotel, St Paul’s, organisers of the ninth annual Black British Business Awards recognised the top professionals who had overcome challenges to reach … Read more
Credit Suisse draws up plans to split investment bank in three
Credit Suisse could split its struggling investment bank into three parts, a move that would involve thousands of job cuts as the Swiss bank reshapes its business. The bank has drawn up plans to split its beleaguered investment banking unit, including creating a so-called ‘bad bank’ to hive off unwanted assets, the Financial Times reported … Read more
Banker bonus cap: Going, going, gone?
New chancellor Kwasi Kwarteng is drawing up plans to ditch the UK banker bonus cap as part of plans for a ‘Big Bang 2.0’ to reinvigorate the City after Brexit. The timing could be better. The British public has barely forgiven bankers for the 2008 financial crisis, and dangling bigger banker bonuses during a cost-of-living crisis … Read more
Goldman to cut poor performers in annual cull
In a return to pre-pandemic practice of hiving off low-performing staffers from the bank, Goldman Sachs is set for a round of job cuts. The US investment bank is set to axe jobs in plans that could trigger the earliest layoffs as soon as next week, The New York Times reported, according to people familiar with the … Read more