Top news
Banks take a hit on loans 06 Direct lenders cut fees 06 Popular resolution casts shadow 08
Europe bears brunt of latest job cuts
People & Markets ING joins HSBC, MUFG, SG and others in wielding the knife
BY STEVE SLATER,
SANDRINE BRADLEY, ROBERT HOGG
Dutch bank ING is cutting more
than 35 people in its corporate
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ING joins a number of banks
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Debt short-sellers back with a bang
People & Markets Sudden surge of defaults creates winners and losers among banks and funds in Europe
BY CHRISTOPHER WHITTALL
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&ORûYEARSûCOMPANIESûHADûNOû
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generate returns by betting on
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BOARD
4HEûGLOBALûDEFAULTûRATEûINû
Source: IHS Markit ADVANCEDûECONOMIESûFELLûTOûû
30
35
40
45
50
55
60
65
70
75
80
Rallye Thomas Cook
1 2 3 4 5 6 7 8 9 10
Trading days
Points upfront
JUMP RISK
THE UPFRONT COST OF BUYING
CREDIT DEFAULT SWAP PROTECTION
FIVE TRADING DAYS BEFORE AND AFTER
MAJOR COMPANY ANNOUNCEMENTS
Source: Coalition; all estimates are at the end of March of each year
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015 2016 2017 2018 2019
69,
51,
(^) IBD (^) Equities (^) FICC
–25%
JOBS PURGE; NUMBER OF FRONT-OFFICE STAFF AT TOP 12 INVESTMENT
BANKS, IN THOUSANDS