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M&A: Major institutions cut loose investment bankers.
It's going to get tougher for investment bankers to find a new job after HSBC and RBS both announced an uptick (to use one of the ridiculous words the investment community has created) in the rate at which investment bankers are being made redundant.
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Reports circulating in London suggest that between 10 and 20% of investment bankers at HSBC and RBS are in line for the chop as the global financial crisis comes back to bite them on the bum, two years after some claimed it was over.
Although London is expected to be especially hard hit, both banks have investment banking operations around the world and those are expected to take a hit, too.
Emerging markets - and Europe - are the business areas where turnover has collapsed in the past year or so.
It's not only HSBC and RBS: investment banking jobs are going at institutions around the world with American banks announcing plans to reduce investment banking headcount by thousands both domestically and overseas. Barclays, too, has begun reducing its staff and Goldman Sachs has recently posted only its second quarterly loss since 1999.
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