City of London

[rffrydr]

Brokerages not exempt from deleveraging theme:


job cuts
NH
in the City of London
NH
this really is as bad
NH
as I have ever known it
NH
not just people being fired
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but companies being shut
NH
Altium went last night
NH
Please see below a press release issued earlier today in respect of our UK Securities business. Following a strategic review, we have decided to consider the closure of our UK Securities business which has now entered a consultation period, to focus on building on our core and profitable international advisory business in the UK and Europe. Since January 2010, Altium have completed 70 transactions with a value in excess of £5 billion.


We believe that our strong balance sheet, track record and platform of international offices provides us with an exciting opportunity to further grow our advisory business and we look forward to continuing to work with you in the future.

Regards

Phil Adams

Group CEO
NH
I’m hearing that Religare, owners of Hichens, Harrison
NH
have put their UK business under strategic review
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and if management don’t buy it
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it will be shut
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there’s rumours of more jobs losses at Nomura and some new ones at BNP
NH
Investec are apparently about to a programme
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it’s everywhere
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I won’t have any contacts left by Xmas
NH
Uncredit – that’s gone
BE
As it happens, I’d heard Religare had basically told all ops outside Asia that it was over.
BE
Though I’m not sure what kind of scale they have beyond London.
BE
Sad to see Hichens Harrison go, if that’s what happens.
BE
Likewise Ambrian, Arbuthnot, Ambrian ….
BE
Evo ….
NH
yes
NH
it does seem to be the A’s getting it
NH
So the demise of Altium means 3 out of 4 brokers beginning with “A” have been closed or sold in the last month – Ambrian, Arbuthnot, and Ambrian. Just Arden left beginning with A. And there a bit of action at the other end of the alphabet with Unicredito closing London operations and UBS looking to cut investment banking significantly
NH
that’s from a sector watcher
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and on UBS
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we get the strategic review
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on Thursday
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at the annual investor day
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and with a new CEO in place
NH
I reckon we can expect another bloodbath
BE
So, please, if you know anyone who works at a London brokerage.
BE
Make sure you check on them every morning.
_________________
Today is the Tomorrow you worried about Yesterday!

[rffrydr]

200000 and counting:

http://www.bloomberg.com/news/2011-11-16/citigroup-said-to-consider-3-000-job-cuts-as-pandit-trims-costs.html
_________________
Today is the Tomorrow you worried about Yesterday!