IB Jobs to Fall
(26 March 2008 – Australia) Investment Banking jobs in Australia are set to fall, due primarily to the impacts of the credit crunch.
An article by The Australian Newspaper has found that some senior investment bankers in Australia see a scaling back of jobs by the major investment banks.
UBS investment banking co-head Matthew Grounds said there would be job cuts across the board in Australia.
He indicated that due to the more obvious global job cuts because of the credit crunch, there would be a flow on effect in Australia, particularly for those banks that don’t have sizeable business in Australia.
This thought was backed up by the head of investment banking at Citi, Chris Knoblanche, who said job cuts were certain. He said that there would be a big shake-out.
Citibank has planned to sack more than 20,000 workers, on the back of one of the bigger loses recorded due to the credit crunch.
However, he did indicate that Citibank in Australia was actually planning to hire more, due specifically to performance and business in Australia, including $A11.2 billion in mergers and acquisitions in Australia.
The executive chairman and chief executive of Goldman Sachs JB Were, Craig Drummond indicated that GSJBW was in a unique position, due to the local ownership.
Job cuts could well occur, albeit based on the individual banks’ performance and status in Australia.
UBS investment banking co-head Matthew Grounds said there would be job cuts across the board in Australia.
He indicated that due to the more obvious global job cuts because of the credit crunch, there would be a flow on effect in Australia, particularly for those banks that don’t have sizeable business in Australia.
This thought was backed up by the head of investment banking at Citi, Chris Knoblanche, who said job cuts were certain. He said that there would be a big shake-out.
Citibank has planned to sack more than 20,000 workers, on the back of one of the bigger loses recorded due to the credit crunch.
However, he did indicate that Citibank in Australia was actually planning to hire more, due specifically to performance and business in Australia, including $A11.2 billion in mergers and acquisitions in Australia.
The executive chairman and chief executive of Goldman Sachs JB Were, Craig Drummond indicated that GSJBW was in a unique position, due to the local ownership.
Job cuts could well occur, albeit based on the individual banks’ performance and status in Australia.
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