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A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.

Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid

☆ UK's IG Group says it expects to cut 10% of workforce
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - British online trading platform IG Group (IGG.L) on Tuesday said it would cut 10% of its headcount as part of cost-saving measures to drive operating margin expansion and become a leaner fintech firm. IG Group is trying to bolster its margins as the number of active clients on its platforms declines because of tough market conditions and a hit to customers' disposable income due to a cost-of-living squeeze and rising borrowing costs. IG Group said it expected to reduce about 300 positions worldwide by the end of fiscal 2023, adding that the overall efficiency measures are expected to deliver full run rate cost savings of 50 million pounds ($60.7 million) per year. "We want to position IG Group as a lean fintech company and today's decisive actions ensure a strong platform for future growth," acting CEO Charlie Rozes said in a statement. The company said non-recurring costs to achieve the savings are expected to be about 18 million pounds split across fiscal years 2024 and 2025.

Persons: Charlie Rozes, IG, Morgan McKinley, Aby Jose Koilparambil, Sinead Cruise, Varun H, Robert Birsel Organizations: IG Group, Employment Monitor, Thomson Locations: Bengaluru, London

☆ How Equifax used employment records it collects from 2.5 million companies to fire dozens of its own employees for working second jobs
▼ + stars: | 2022-10-13 | by ( Kate Taylor | Jack Newsham | ) www.businessinsider.com time to read: +9 min

The crackdown was the result of an investigation that unfolded in recent months conducted by Equifax employees, including HR and cybersecurity, according to a document seen by Insider. The product has employment records, including weekly pay, of 105 million US workers, according to the company's last annual report. At one point, 25 employees were interviewed on the investigation's findings, and 24 were terminated, resulting in savings of $3.2 million, according to a document. In one author's case, this included all salaried positions since graduating college in 2013, as well as a job working in the college library as a student. "With predictions of more than 36 million employees working remotely by the year 2025, the need to monitor an employee's employment status will continue to grow," the company says in marketing material.

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