“The substantial portion will be in middle or back-office positions, according to a person briefed on the plans, who asked not to be identified discussing personnel matters. The reductions are part of a repositioning the firm announced this month and will occur across the New York-based lender’s global footprint, people familiar with the matter said… Employees in the institutional business, which houses the trading and investment-banking operations, will be among those dismissed, one of the people said. Cuts in that unit will be more in line with annual performance-based dismissals that Wall Street firms employ to maintain competitiveness and adjust businesses to shifting markets, the person said.”
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