IFR Magazine – June 08, 2019

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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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