Heard IBs are cutting people this week (not sure if a lot got laid off). Banks like CS, Citi, Barclays and GS a few weeks back. Anyone knows the magnitude of these layoffs? 😥

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Friend at Barclays says it’s pretty bad for him but he’s in derivatives trading

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a lot of these cuts seem to be pretty small scale (like 200 ppl at CS and “dozens” at Citi, i might’ve flipped the order). that’s really not that much and probably getting rid of overpaid senior VPs and directors who generate new revenue

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