HSBC to cut 6,100 jobs worldwide

LONDON – HSBC PLC, Europe’s largest bank by market value, said on Monday it will raise US$17.7 billion (S$27.5 billion) by issuing shares after reporting a 70 per cent drop in profits in 2008, when the financial crisis deepened.
Net profit fell to US$5.7 billion last year from US$19.1 billion a year earlier due to greater [...]

Barclays to hire 1,500 in Singapore (Update 2)

BRITISH banking giant Barclays is sticking to its aggressive plan to hire up to 1,500 highly skilled staff by early 2011 in Singapore – despite the turmoil that has ravaged many financial institutions.
The bank wants project managers, applications development managers, and software and IT specialists for its Business Technology Centre at Changi Business Park Central [...]

Credit Suisse posts $5.2 bln Q4 net loss, to carry on with planned job cuts

* C.Suisse Q4 net loss of 6.0 bln Sfr, FY loss 8.2 bln
* Reuters poll average 4 bln Sfr loss for Q4
* Says made a strong start in 2009
* Reiterates to pare investment bank to 17,500 staff
ZURICH, Feb 11 (Reuters) – Credit Suisse (CSGN.VX) posted a worse-than-expected fourth quarter net loss of 6.0 billion Swiss [...]

UBS Posts $6.9 Billion Loss; To Cut 1600 jobs

Swiss banking giant UBS reported a fourth-quarter loss of 8.1 billion Swiss francs ($6.9 billion) and a 2008 loss of 19.7 billion Swiss francs ($16.8 billion) primarily because of losses on risk positions in its investment bank, and said its investment bank will further slash its headcount to 15,000 by the end of the year.
ZURICH [...]

UBS expected to announce job cuts of 5,000-8,000 worldwide

GENEVA (Reuters) – Swiss newspapers expect the country’s top two banks, UBS AG (UBSN.VX) and Credit Suisse Group AG (CSGN.VX) to announce record losses for 2008 this week and predict UBS will unveil thousands of job cuts.
Losses at the biggest bank and world’s largest wealth manager, UBS, will range from 20 billion to 21 billion [...]

Credit Suisse to Cut Investment Bankers’ Bonuses by 55%

Feb. 3 (Bloomberg) — Credit Suisse Group AG, Switzerland’s second-largest bank, plans to cut bonuses for investment bankers by about 55 percent following $13.6 billion of credit writedowns, two people familiar with the situation said.
Credit Suisse, along with New York-based Morgan Stanley and UBS AG, has already added so-called clawback provisions that allow the bank [...]

Morgan Stanley set to axe 1,800 of global staff (Update)

Morgan Stanley is preparing to cut up to 1,800 jobs, or about 4 per cent of its global workforce, as the financial crisis continues to take its toll on Wall Street.
People close the situation said the fresh round of job cuts was part of Morgan Stanley’s efforts to reduce its staff to reflect sharply lower [...]

Deutsche Bank Said to Cut Bonuses by 60% After Loss

Feb. 2 (Bloomberg) — Deutsche Bank AG, Germany’s biggest bank, plans to cut bonuses at the securities unit by an average of 60 percent after reporting a record loss, a person with knowledge of the situation said.
Business units hardest hit by the financial crisis such as structured products and proprietary trading will face larger reductions [...]

OCBC ups training courses for staff

Instead of scaling back, OCBC Bank has increased its investment in training.
It has launched a structured training programme with a total of 62 courses to help its employees learn new skills and develop their careers with the Bank.
The number of courses represents a 60 per cent increase from the 25 offered in 2007.
These training courses [...]