In the second half of last year, traders in fixed income, currency and commodities were rightfully fearful of layoffs. Volatile markets resulted in continued slashing across the Street that's only just started to let up.
Now it's the investment bankers' turn.
New regulation and a cooler market for mergers and acquisitions means banks have extra heads on payroll they can't afford to keep. Bulge brackets including Citigroup, Goldman Sachs, J.P. Morgan and Morgan Stanley are getting ready to cut dozens of them, The Wall Street Journal reports, as banks reconfigure to reflect a new, more austere reality.
Advisory businesses are expected to be targeted as early as next month; underperformers and those close to retirement age are most at risk of losing their jobs.
The fuss stems from a decline in global M&A revenue to $3.8 billion in the first quarter, more than 17% lower than the year earlier period, and the lowest quarterly total since the first quarter of 2010.
Fewer transactions means less volume, which means fewer fees, which means lower profits, which means, it's time to cut jobs.
Coming Home (FINS)
Fresh off losing two top deal makers last week, UBS has landed Bank of America's Jim Forbes. He'll become vice chairman of investment banking in the Americas at UBS.
What's Old Is New (WSJ)
E.F. Hutton, a financial adviser firm from the old days (the 1980s), is making a comeback and hiring anew.
Reality Bites (Yahoo via AP)
Ouch. One in two young college graduates is without a job or working a job for which they're overqualified. Our advice to the class of 2012: Start your job search now if you haven't already.
Going Overseas (Mergers & Inquisitions)
If you want to do private equity in China, prepare to learn the language first. You'll have to demonstrate why a company would hire you over a native job applicant.
The New Spitzer (The American Prospect)
New York Attorney General Eric Schneiderman went from hanging out on the Street to cracking down on some of the activities perpetrated by it.
Alienating People (WSJ)
Some reasons why your coworkers may not like you: pungent lunch odors, sucking up to the boss, messy workstations and most egregious, loud phone conversations.
Buzz Around the Office
A Dutch creator's rubber duck has been traveling the world since 2007.
List of the Day: Best Business Practices
It never hurts to have a refresher on top etiquette tips.
1. Send a thank-you note – in both electronic and physical versions.
2. Don't check your phone in a meeting.
3. Wait until your clients have left before rehashing a discussion with colleagues.