ING will cut about 100 analysts, salesmen, traders and sales-traders, Adrian Simpson, a spokesman for the commercial banking unit said by telephone today. As much as half of the reductions will be in London, he said. ING is also eliminating about 30 corporate finance positions, mostly ones focusing on eastern Europe.
In the menatime, Reuters reports that French brokerage Cheuvreux is likely to cut hundreds of jobs as part of Credit Agricole's sale of the unit to rival Kepler, according to two sources familiar with the matter, the latest in a wave of job cuts to hit equity trading firms.
Robert Lee will replace Diplas with a new role in the bank focused on the U.S., the person said.
Deutsche Bank is cutting costs by $5.8bn as it aims to increase its after-tax return on equity to at least 12% by 2015.
Diplas, 47, helped Deutsche Bank cut trade confirmation times in the credit-swaps market in 2005, as the firm and its Wall Street competitors were under pressure from Timothy Geithner, then the President of the Federal Reserve Bank of New York, to speed up transactions that were taking the equivalent of 17 days to complete.
Finally, Bloomberg reports that Irene Tse, the former Goldman Sachs partner hired by JPMorgan’s chief investment office to help manage the bank’s balance sheet while it boosted risk, is leaving to start a hedge fund.
Tse, 43, hired by JPMorgan less than two years ago as chief investment officer for North America, is starting her own fund early next year, said people with knowledge of the matter, requesting anonymity because her plans haven’t been announced. The fund will make investments based on trends in the global economy, the people said.
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