With out of work bankers already in ample supply, there looks to be another thousand plus of them on the market to compete against soon-to-be business school grads for finance jobs. Calyon, the oft forgotten stepchild of mother bank Crédit Agricole, is rumored to be slashing 1200 positions this week, but it’s not talking about it. Most of the cuts would occur in London and New York (French banks are reluctant to reduce head count in the home market as they would face the wrath of a rather touchy and reactive legislature).
Given that the credit crunch hit back in August of last year, and that Crédit Agricole announced back in May that they planned on cutbacks at Calyon, it’s surprising that they decided to wait until now to make a move in personnel. Oh well. I guess they didn’t want to ruin anyone’s summer holiday! Good luck to everyone waiting news in New York or London. If things don’t work it’s always a good time to go back and get an MBA…
Posted by hecpevc 