Bank merger job cuts meet rising wave of criticism
Friday 03 April 1998
Four months after the banks confirmed their merger plans, many fixed income and forex staff still do not know whether they will have jobs in the new bank - their colleagues in equities and corporate finance were told two months ago.
There is also widespread unrest following the payment of so-called "derisory" bonuses. And there is continuing uncertainty over who will head up the fixed income division at the new bank. Some sources believe the banks are "trying to sideline" Andy Siciliano, the designated head of the division.
According to one source, the two banks are backing away from making formal announcements of fixed income and forex appointments in the hope that unwanted staff leave of their own accord. A source said: "It's a gross miscalculation. Both the good and the less good fixed income people are walking out of the door."
Bonus payments are alleged to be one method used by the banks to "try to give unwanted staff a hint". Hundreds of traders in the two banks' fixed income and forex divisions were angered by the size of their bonuses, announced in February and paid just a few days ago. Many junior traders are understood to have received no bonus whatsoever, and one of the growing number of "whinge forums" for investment bankers on the Internet - investmentbanker.co.uk - received more than 80 e-mails from disgruntled investment bankers on the day bonuses were announced.
The banks are also having to deal with growing numbers of defections in other investment banking divisions. In recent weeks, numerous City names, including Hector Sants and Renaud de Planta, have resigned.
As anti-Semitic attacks rise, Grant Feller re-evaluates his identity
Savoury patisserie is a thing now
Meet the primary school where every day is National Poetry Day
Kirstie Allsopp has waded into the female fertility debate again
...and it wasn't caused by an asteroid crash, as first thought
Gillian Anderson lays into gender disparity in Hollywood
Striker ignored Brendan Rodger's request to applaud audience
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 4 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Stella McCartney apologises over controversial 'very ill' model picture on Instagram
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole named 'the most dangerous celebrity' on the internet
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...