The new year isn't beginning on a cheerful foot, at least in Europe.
Societe Generale, which said earlier this week that it would cut 880 jobs in the French investment banking division, plans an additional 700 job cuts, including some in New York and London, a spokesperson told The New York Times.
Just across the Channel, Royal Bank of Scotland is expected to sell large portions of its global investment bank, resulting in a loss of around 10,000 jobs. RBS said this figure was "inaccurate" but didn't give more details about the figure, according to This Is Money.
RBS, which is owned by the U.K. government, has cut 22,000 jobs since 2008. At this point, 2012 may be do-or-die for the bank when it comes to restructuring.
Finance Layoffs (FINS)
Banks and finance firms announced more than 63,000 job cuts in 2011, up 165% from a year earlier. Ouch.
Out on Top (Deal Journal)
Standard Chartered just doesn't understand what the other banks don't get about staying profitable in a down economy.
Looking Closely (WSJ)
Business schools are saying sayonara to many alumni who used to interview prospective students. Instead, admissions officers are going overseas to places like Singapore and Brazil to conduct interviews in person. We think they're just in it for the miles.
Great White North (Mergers & Inquisitions)
Thinking of fleeing the States for the safety of the Canadian finance sector? Be forewarned, it's much smaller.
Glass Houses (WSJ)
Companies are increasingly building glass offices to encourage collaboration and transparency, but it's unclear how effective they are.
House Hunters (Daily Intel)
What do you if you're Jon Corzine two weeks before the firm declares bankruptcy? Go shopping for a French chateau, of course.
Love on Wall Street (NetNet)
Ladies, pay attention: There are apparently two types of men on Wall Street.
Buzz Around the Office
When American politics seem hopeless, keep your sense of humor.
List of the Day: How to Hunt for a Job Secretly
Stealthy is the name of the game when it comes to looking for a job on the sly. If you don't heed these tips, your boss could find out you're looking behind their back. And then you'll really need to find a new job.
1. Don't list your name on job boards.
2. Schedule vacation time specifically for job interviews.
3. Don't use your work email for job correspondence.
(Source: The Daily Muse)