Japan’s top broker Nomura Holdings said yesterday it would cut up to 1,000 jobs in London to cope with the financial crisis after buying parts of failed Wall Street giant Lehman Brothers.
The cuts, the latest in a wave of global layoffs by banks and brokers struggling to weather the worst financial crisis in decades, could affect almost one quarter of Nomura’s 4,500-strong workforce in the English capital.
“The decision follows an internal review after the acquisition of Lehman Brothers’ equities and investment banking operations in October,” said Nomura, which took on more than 8,000 staff from Lehman Brothers’ Asia-Pacific, Middle East and European operations, as well as its Indian IT subsidiaries.
Nomura made a net loss of ¥149.5 billion (US$1.61 billion) in the six months to September, hit by the turmoil in world financial markets.
It estimates that the total cost of acquiring Lehman’s operations in the Asia-Pacific, Europe and the Middle East will be about US$2 billion.
The Lord Mayor of the City of London has warned that at least 70,000 jobs will be lost in London’s financial district — a key pillar of the British economy — within barely a year as it grapples with the world financial crisis.
SWISS BANKS
Credit Suisse says it will cut 5,300 jobs as a result of the global financial crisis. The figure represents about 11 percent of the Swiss bank’s global work force.
Credit Suisse says most jobs will be cut in its ailing investment banking business.
The bank predicts a 3 billion francs (US$2.5 billion) net loss for the fourth quarter.
Credit Suisse said in a statement yesterday that chief executive Brady Dougan and other senior officials would not receive salary bonuses for this year because of the bank’s bad performance during the year.
CARLYLE GROUP
Carlyle Group, the world’s second-biggest private-equity firm, is cutting 100 jobs, or 10 percent of its workforce, as the leveraged-buyout business remains stalled.
Some of the dismissals come at the Washington-based firm’s group dedicated to taking US companies private, spokesman Chris Ullman said on Wednesday in an interview. He declined to be more specific.
The layoffs are separate from Carlyle’s decision last month to shutter its Central European and Asian leveraged-finance units, which eliminated fewer than 20 jobs.
“In response to extraordinary market conditions, Carlyle has taken measured steps to balance its cost structure with the current investment climate,” Ullman said. “The firm is well positioned to take good care of our investment portfolio and has the resources to create and respond to compelling investment opportunities.”
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
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