While hedge funds are hiring and constantly looking for new talent big investment banks have been cutting their staff.
Latest job cuts announced today by Morgan Stanley – who is planninmg to axe 1600 jobs – half of them in New York. The 1600 job cuts come on top of the 4,000 jobs Morgan Stanley jettisoned last year and is the latest in a series of job cuts made by Wall Street banks. Citigroup said this week that it had dismissed the chief investment officer of its private bank, as part of a planned reduction of 11,000 jobs at the company.
While hedge funds like DeShaw, SAC, Millenium and Och Ziff are constantly looking for new staff – lot of people are contacting the biggest decision makers in the hedge fund industry – looking for a better pay and more stable job.
Credit Suisse, Deutsche Bank and UBS, have also cut back on staff in recent months, as they collectively cope with new regulations that limit their traditional profiting activities and quieter markets.
Morgan Stanley will notify those affected by the job cuts in the coming days and weeks. The casualties will include a large slice of highly paid senior bankers from the ranks of managing directors and executive directors.
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