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Deutsche Bank is cutting 75 jobs in its global markets division, split between London and New York.
The cuts are in the bank’s fixed-income trading unit, which deals with products such as bonds and interest-rate swaps. Those affected are being notified today.
The job cuts follow a horrible 2015 across Wall Street. How horrible? This horrible.
It looks like it is going to get worse before it gets better, too, with Goldman Sachs analysts forecasting one of the worst first quarters for Wall Street capital markets revenues in recent history.
Elsewhere in bad news:
- World trade is as bad as it has been at any point since the global financial crisis in 2008.
- Almost everyone Citigroup strategist Steve Englander talked to in Asia thinks the global economy is a black hole.
- The online lending market might be telling us something troubling about the US economy.
In hedge fund news, more and more young candidates for hedge fund positions aren’t being completely honest on their resumés, according to the head of human resources at Point72 Asset Management.
And basketball legend Coach K perfectly summed what separates great players — and investors — from the rest.
Here are the top Wall Street headlines at midday:
One of Deutsche Bank’s big-name trading execs is in talks to leave the bank – Chris Yoshida, the global head of rates sales at Deutsche Bank, is in talks over his future at the bank, according to people familiar with the matter.
Lumber Liquidators is cratering after the CDC raised the cancer risk of the company’s flooring – Lumber Liquidators’ shares tumbled on Monday after a revised US federal agency report showed people exposed to some types of the company’s laminate flooring were three times as likely to get cancer as previously estimated.
China is buying up American companies fast, and it’s freaking people out – Here’s a story you’ll be hearing about a lot this year. Chinese companies have been buying up foreign businesses — including American ones — at a record rate, and it’s freaking out lawmakers.
The Goldman Sachs Elevator guide to dressing like a gentleman – New York Fashion Week doesn’t mean much to most guys out there.
The next ‘Big Short’ trade has a lot of problems – Investors are starting to make bets that the record number of auto sales — and by extension the growing number of auto loans of any quality — is creating an unsustainable credit bubble.
The most expensive homes you can buy in 30 countries – Ready to play fantasy real estate?
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