Redundancy round-up

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Who's been cutting and who was cut?

Barclays Capital Edward Cahill, Barclays' head of CDOs, left the picture in August and has yet to reappear. Cahill's second in command John Paul Parker also disappeared into the sunset.

Bear Stearns Has already cut 240 jobs at its US mortgage division, plans to cut 310 more.

Calyon Rumour has it (and this is pure rumour, which we have by no means substantiated) that the French bank parted ways with an unspecified number of its structured credit team last month.

Citigroup Citigroup's co-heads of global credit trading, Jim Higgins and Dave Pichler, left the bank in August.

Credit Suisse Cutting around 85 jobs in its fixed income division and a further 85 under-performers (according to The Times), and chopping a further 150 in its RMBS unit. Chief exec Brady Dougan said the bank will 'adjust capacity' 'aggressively'.

Deutsche Bank Obliterated its London credit prop desk, along with desk head Gerry Jackson and six other staff in August.

HSBC Closed its US-based wholesale lending arm, Decision One, with the loss of around 750 jobs in September.

Lehman Brothers Has cut around 2,000 jobs from its US mortgage unit over the course of this year.

Merrill Lynch Osman Semerci, London-based global head of fixed income, and Dale Lattanzio, US fixed income head, 'left' the bank last Wednesday, two days before the bank revealed a 50 cents per share loss for Q3 related to write downs of almost $5.5bn in leveraged loans, sub-prime mortgages and related CDOs . The Telegraph reports that First Franklin, Merrill's mortgage arm, is to cut an unspecified number of jobs and that the bank's fixed income division may cut as many as 15% of staff.

Morgan Stanley Announced 600 job losses at its mortgage unit earlier this week, with 90 of those falling in the UK.

UBS Ousted chief executive Peter Wuffli in July. Following the announcement of further losses this week, it emerged that Huw Jenkins, chairman and CEO, and chief financial officer Clive Standish were also about to make a swift exit. The Swiss bank plans to dismember a further 1,500 staff before the end of the year. Around 300 to 350 are expected to be in the fixed income division, and 350 are expected to in the City - funny coincidence?

West LB Earlier this week, Financial News reported that the German bank was gearing up to cut 10% of staff focused on private banking and operations in its Düsseldorf and Munster offices. The bank has since denied this.

And the good news...

For all the pain, the credit crunch has the potential to deliver a glimmer of pleasure - Financial News this week reported that Lehman Brothers plans to hire bankers in Germany to help clear the backlog of leveraged loans from its books.

And the bad news...

Less promisingly, the Centre for Economics and Business Research (CEBR) has increased its prediction of City job cuts by 1,000, to 6,000 job losses due over the coming year.

Are we missing anyone or anywhere? Let us know...

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