Last week was a bad one in the fixed income markets where the axe fell at Dresdner Kleinwort, HSBC and the Royal Bank of Canada.
At Dresdner Kleinwort, sources report that 125 front office jobs have gone at the bank, including some in its FICC (Fixed Income, Currencies & Commodities) division in London and New York. The FICC cuts were reported to be across interest rate trading, research and FX prime brokerage, where Roger Allen, head of FX Prime Brokerage at the bank is said to have left.
HSBC’s chopping of 130 jobs globally in fixed income came after the bank reported lower-than-expected Q3 earnings from its Fixed Income division. The departures are reported to have included Patrick Haskell, head of North American interest rate trading and sales.
Finally, RBC brought the axe down on 40 people across the US in its fixed income sales business.
The three banks confirm the job cuts, however decline to discuss individuals affected by the moves.