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No more bank quant jobs? Hiring freeze at Barclays, Credit Suisse, and RBS Royal Bank of Scotland?

(Last Updated On: August 13, 2010)

No more bank quant jobs? Hiring freeze at Barclays, Credit Suisse, and Royal Bank of Scotland?

Here are some highlights from a relevant Bloomberg article:
Quotes:
Now that trading revenues are dropping there’s a hiring freeze on,” said John Purcell, managing director at executive search firm Purcell & Co. in London. “I wouldn’t be surprised to see people shedding traders again.”

“It’s a tough market for investment banks at the moment,.. Equity issuance is low and debt issuance fell off a cliff in the second quarter. Freezes won’t be odd.”
“We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions,”
“The war for talent has meant that the cost of hiring has gone up significantly,” UBS Chief Financial Officer “I wouldn’t expect that we’d be taking on enormous numbers.”
“A lot of the hires that companies were trying to make did not get approved by management especially those with guaranteed bonuses,”
“They are saying: sorry there is a freeze of guarantee-type hires. It’s on base-pay only.”

Stats:
Fixed-income, currencies and commodities trading was the biggest revenue contributor at investment banks from Deutsche Bank AG to Goldman Sachs Group Inc.
The sovereign debt crisis caused bonds of Portugal, Greece and Spain to plunge, making the trade less profitable and made investors more cautious in taking on risk.

Credit Suisse and Barclays Capital said on Aug. 11 they plan job cuts. Credit Suisse said it will eliminate 75 posts in the U.K. Barclays Capital is cutting 300 administrative jobs, a person with knowledge of the matter said at the time.

Bankers who would once have received between 1 million pounds ($1.6 million) to 3 million pounds in guaranteed compensation are now being offered base pay of about 200,000 pounds to 300,000 pounds, he said.
Just remember, I am just the messenger from this article.
http://www.bloomberg.com/news/2010-08-13/credit-suisse-barclays-may-be-start-of-investment-banking-hiring-freeze.html

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