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Latest Musings on Wall Street Layoffs
Business Insider's Courtney Comstock reports that a tipster said that the huge quant fund D.E. Shaw actually laid off 25% of its employees, not 10% as previously reported and thought. "The internal number is more like 25%. You can report that," he told us, "say, 'the mailroom guy says it's 25%.'"
Surfing the channels ...
BofA. Ms. Comstock also heard from someone inside Bank of America that the firm's layoffs were more like 15%, not just 5% of Capital Markets - also as previously reported and heard. "They cut like 15 percent or something throughout the bank," a former employee told us. "People were cut in every group that I know people in, and at all levels too - analyst, associate, VP, Director and MD. They didn't seem to spare analysts as is usually the case it seems."Citadel. A couple of days ago, Business Insider was warned of upcoming layoffs at Citadel; yesterday, Dow Jones reported that someone familiar with the matter at Citadel said, "there could be staffing changes as the firm is undertaking its annual business review."
M. Stanley, RBS, Knight. Morgan already announced a hiring freeze, while RBS cut 500 investment banking jobs in London. Then Knight Capital, a capital markets firm in New Jersey, cut jobs.
And then there are the prop traders. ... [Clusterstock, 10/8]
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