A number of managing directors have left Dresdner Kleinwort in London as part of a job-cutting program. Up to 7% of Dresdner staff could lose their jobs. Jeremy Vice, head of collateralized debt obligation structuring, and Laurent Caraffa, a former head of capital markets in France, have left the bank. Ian Platt, co-head of primary rates; Henry Nevstad, head of credit flow products; Paul Thomas, head of credit sales, and Nick Morgan, head of financial institutions debt capital markets were also let go. Rick Weinstein, head of credit derivatives, also left the bank last week. The bank has cut 50 staffers in the U.S., while it remains in negotiations with banking unions about job cuts in Germany.
Canada's RBC Capital Markets has cut staff in its fixed income division, letting 41 people go from offices in seven U.S. cities including New York and Chicago. "RBC is in no way reducing its commitment to the U.S. or the middle-market business," a spokesman for the company said. "The goal is to align our operations in the U.S. the way we have them set up in other regions." The bank employs about 1,200 people globally in fixed income and hired 140 people in U.S. fixed income last year. This news follows cuts made at HSBC, which has also slashed up to 130 jobs in its global fixed income business. The most senior redundancies are believed to be in the U.S., with additional fallout looming in London and Hong Kong.