Layoffs, Week of 2/26/09: GS, JPM, MS, BofA-- Will We Recover?
According to Dealbreaker, layoffs are planned tomorrow at Goldman, MS, and BofA with possibly JPM following suit soon.
Abovethelaw has announced that Latham (V10 firm) is shedding some 70-100 associates, including FIRST YEARS (from what I understand, a big no-no for these law firms).
AIG, GM, RBS, Citi loses an exorbitant amount of money, all on the verge of collapse.
Seriously, what the hell is happening?? Are we going to be rubbing sticks together for fire soon?
Sidenote: How are the European banks, Deutsche in particular, along with CS and UBS doing (okay so UBS isnt doing too well). DB and CS have been out of the news lately, good?
http://uk.reuters.com/article/bankingfinancial-SP/idUKBNG43800620090225
Or...CS could just throw them into Partner Asset Facility and call them bonuses.
Damn that was the most brilliant move ever (paying Dirs/MDs in CDO)
Maybe this is the apocalypse the Mayan calendar was referring to
What does this mean for the future of S&T? Does this imply that banks won't focus as much on S&T and cut back significantly the number of people employed in trading?
Absolutely not. For the banks that survive, the model won't change much except that there will be slightly less complexity, a few products will disappear, and some prop areas might be smaller. Other than that, the increase in spreads will make up for less leverage. At least i hope. . .
To address your side note, Banco Santander continues to print money despite the continuing global economic gong show.
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