Business
London Bankers Brace for Summer Gloom With Mounting Job Cuts
- Deutsche Bank, HSBC, Nomura, Stifel execute redundancy plans
- Stressed staff contemplate quitting before the ax falls
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A banker who lost his job as part of Nomura Holdings Inc. cuts recalls the camaraderie at the riverside Oyster Shed bar next to the institution’s London headquarters one evening as the room filled with ex-employees.
Japan’s biggest brokerage let about 30 people go that day in April. Summer has arrived in London, but the smiles are likely to remain frozen in the financial community as HSBC Holdings Plc and Deutsche Bank AG join Nomura in implementing thousands of job reductions. In an atmosphere that may be the gloomiest since the financial crisis, some are jumping before they’re pushed.