Jason Kennedy News
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Rising stock prices, rebounding profits, restored dividends and a growing economy are signaling to U.S. banks it’s time for more job cuts.
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UBS AG’s plan to pay part of top employees’ bonuses in bonds that can be wiped out will give traders and bankers an unfamiliar incentive: limit risk.
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Goldman Sachs Group Inc. , which makes the most from equity trading of all Wall Street banks, is losing the head of a unit that invests in securities exchanges and two senior executives from its London equities division.
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Wells Fargo & Co. is betting its securities business can thrive 600 miles from New York in the same city Bank of America Corp.’s traders largely abandoned.
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Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over.
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Financial-services firms are on track to cut the most jobs in January since the start of 2009 as Europe struggles to emerge from the debt crisis and regulators impose tougher capital rules.
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European banks may resort to more jobs cuts or zero bonuses as they struggle to maintain fixed compensation levels amid deteriorating financial markets.
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If Robert Diamond can’t recover in banking after resigning as Barclays Plc’s chief executive officer amid the firm’s record regulatory fines, he would still be a sought-after prospect in another field: investment funds.
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Vibhav Nuwal was once an enthusiastic supporter of the global carbon market. The 32-year- old Indian-born banker started in September 2009 developing carbon credits to target investors in Europe and Japan for Mumbai-based private-equity fund Managing Emissions. Less than a year later, he quit his job, convinced that the United Nations’ failure to broker a global agreement to reduce greenhouse-gas emissions meant the carbon credit market was effectively dead.
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As UBS AG prepares to shrink its investment bank following a $2.3 billion loss from unauthorized trading, bankers pushed out or looking to leave may find few opportunities as Wall Street rivals slash jobs.
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