HSBC trims UK investment bankers as layoffs pick up pace

HSBC has trimmed front-line staff from its investment bank in the UK, as a dealmaking slump this year is set to prompt a fresh round of layoffs across the sector. The UK lender, which is in the midst of an ongoing cost-cutting exercise unveiled in February 2020, has axed a handful of roles within its global … Read more

Credit Suisse set to roll out new retention bonuses for UK dealmakers

Credit Suisse is set to extend retention bonuses to a select band of senior dealmakers in London in a bid to stem defections as it embarks on a fresh cost-cutting programme. The Swiss bank will pay dealmakers in Europe and the UK additional bonuses in the coming weeks, according to people familiar with the matter, after … Read more

Credit Suisse draws up plans to split investment bank in three

Credit Suisse could split its struggling investment bank into three parts, a move that would involve thousands of job cuts as the Swiss bank reshapes its business. The bank has drawn up plans to split its beleaguered investment banking unit, including creating a so-called ‘bad bank’ to hive off unwanted assets, the Financial Times reported … Read more

Metaverse funds top $2bn as Fidelity, LGIM, Franklin chase ‘theme du jour’

Funds investing in the metaverse are now managing more than $2bn globally, as a flurry of launches from some of Europe’s biggest asset managers look to take advantage of a hot investment trend. Data from Morningstar, provided to Financial News, shows a sharp increase in assets managed by funds focused on immersive virtual worlds, as well as in the … Read more

Tumbling Markets Imperil Tech, the Dollar, and Private Equity

Text size Japan has had to intervene to support the sliding yen for the first time since 1998, even as it tries to keep its interest rates low. Akio Kon/Bloomberg The world has been hooked on cheap money for years. Now we’re witnessing what withdrawal looks like. Lifting interest rates from nil has produced a … Read more

Hedge fund Millennium’s €126m Porsche short signals bearish bet on IPO

Ahead of Volkswagen’s IPO of Porsche AG in a few weeks, hedge fund Millennium International Management has built a large short position in Porsche SE. According to data from research firm Breakout Point, Millennium disclosed a position representing 0.6% of the company’s shares on 14 September. A rough estimate based on current market capitalisation would … Read more

September Was Bad for Investors. October Could Be Worse.

Text size Market chaos has hit stocks, bonds, commodities, currencies, and futures. It’s hard to see it ending soon. Michael M. Santiago/Getty Images It’s a bumpy, volatile, no good, very bad market out there. Stocks, bonds, commodities, currencies, and futures have been moving violently from day to day—and there’s probably more whiplash ahead The S&P … Read more

Banker bonus cap: Going, going, gone?

New chancellor Kwasi Kwarteng is drawing up plans to ditch the UK banker bonus cap as part of plans for a ‘Big Bang 2.0’ to reinvigorate the City after Brexit. The timing could be better. The British public has barely forgiven bankers for the 2008 financial crisis, and dangling bigger banker bonuses during a cost-of-living crisis … Read more

‘Moore’s Law’s dead,’ Nvidia CEO Jensen Huang says in justifying gaming-card price hike

Nvidia Corp. Chief Executive Jensen Huang on Wednesday said he thinks it’s going to be “a pretty terrific Q4 for Ada,” the company’s next-generation chip architecture unveiled this week, even as critics balk of a price hike during a softening in consumer demand. Nvidia NVDA, +0.65% expects high demand for gaming chips using its next-generation … Read more

If the market passes this upcoming test, stocks will be poised to move higher. We’re not there yet.

There’s still too much bullishness on Wall Street, even after the Dow Jones Industrial Average’s DJIA, -1.70% 500+ point drop Wednesday following the Federal Reserve’s latest meeting and rate hike. Consider all the attention given to a possible “double bottom.” By framing the market’s weakness in this way, the bulls are trying to put a … Read more