BNP Paribas, Merrill Lynch and Nomura became the latest major banks to announce job cuts on Wednesday as falling revenues forced them to follow several rivals and shed staff.
"This is the beginning of a major structural shift and I think you will see a lot more cuts in the New Year," said Stéphane Rambosson, a former City banker and managing partner of executive search firm Veni Partners.
BNP Paribas said it would cut about 1,400 jobs in its investment banking division, which employs several thousand staff in London, while Bank of America Merrill Lynch (BoAML) has begun cutting broking employees, with about 15pc of roles at risk, according to two sources. » | Harry Wilson, and Anna White | Thursday, November 17, 2011
