Credit Suisse plans to eliminate 120 jobs in New York City as CEO Brady Dougan pursues plans to reduce expenses.
Bloomberg reports that the cuts will take place between December 30th and March 4th at the company’s Madison Avenue offices in Manhattan, the Zurich-based bank said in a notice dated Monday with the state Department of Labor. The dismissals are part of previously announced cost reductions.
In the meantime, the news organisation reports that a former salesman at Royal Bank of Canada’s BlueBay Asset Management lost a lawsuit seeking payment of a $2.7m bonus after a judge ruled he tried to recruit other BlueBay workers for a competitor.
Fahim Imam-Sadeque left London-based BlueBay in 2011 to join Goldbridge Capital Partners, a firm founded that year by another former BlueBay employee, Gina Germano. BlueBay canceled Imam-Sadeque’s 2012 stock award, saying it found evidence he encouraged other employees to come to Goldbridge during lunch meetings, phone calls and text messages.
'I have little doubt that Mr. Imam-Sadeque was aware his conduct in assisting in the set-up and launch of Goldbridge in the way he did was a serious breach of his obligations and would have warranted instant dismissal', Judge Andrew Popplewell in London said in a written decision.
And Reuters reports that Morgan Stanley Inc's head of M&A for the Middle East and North Africa (MENA) is leaving the bank, three sources said, the latest in a string of high-level banking departures from the Gulf Arab region.
Peter Fort, who has been responsible for overseeing the U.S. bank's M&A and restructuring business in the region since early 2011, ha s resigned, the sources said, speaking on condition of anonymity as the matter has not been made public.
Finally, The New York Post reports that SAC Capital Advisors’ Steve Cohen may be seeing his tight-fisted grip on the best of his firm’s super-smart traders loosening just a bit.
It’s not that Cohen’s employees are running for the exits - net yet, anyhow - but hedge fund recruiters in the last week said they’re starting to see signs that the rock-solid allegiance of these top-shelf traders, who help keep the 56-year-old billionaire art-lover up to his Picasso in fine art, is softening.