Jobs In Finance Archives - Page 9 of 73

January 17, 2023

Global banks cut jobs as cost pressures mount – Business & Finance

LONDON: Worldwide banking institutions are in the procedure of slicing at minimum 5,000 positions as gains at worthwhile financial investment banking units come less than strain from volatility in capital marketplaces and speedy-climbing fascination premiums, according to a Reuters tally of noted cuts.

Rapidly deteriorating economic disorders have also prompted loan providers to construct rainy-day money to brace for opportunity defaults.

BARCLAYS: Barclays lower its workforce in corporate and expenditure banking by under 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, a supply advised Reuters on Nov. 8, weeks just after reporting a 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} slump in merger advisory service fees.

The British expenditure lender has carried out well in recent quarters, specially in fastened income trading, but a blunder in the United States that noticed it market extra securities than permitted has price it hundreds of millions of pounds in penalties.

CITIGROUP: Citi removed dozens of careers throughout its investment decision banking division, as a dealmaking slump continues to weigh on Wall Street’s greatest banking institutions, Bloomberg Information claimed on Nov. 8.

The US loan provider has, like its peers, boosted its lending profits as desire rates increase, but the intense action by the Federal Reserve and other central banking institutions has sparked fears of a downturn that could hit banks’ mortgage publications in time.

Credit score SUISSE: Credit Suisse is accelerating value cuts, Chairman Axel Lehmann said on Dec. 2, confirming a Reuters report, as the financial institution races to slash its price tag foundation by about 2.5 billion Swiss francs ($2.68 billion).

Credit Suisse had presently mentioned it would lay off some personnel. The price tag financial savings documented are probable to entail far more work cuts than earlier introduced for the 1st wave of reductions, which includes in its wealth organization, Reuters documented. The financial institution is slicing about 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its private banking headcount in Hong Kong, two resources reported.

DEUTSCHE Financial institution: Deutsche Financial institution, Germany’s premier lender, lower staff members in its financial commitment bank’s origination and advisory groups in October, in a shift than afflicted mainly junior bankers.

The cuts included dozens of employees in New York and London, Reuters reported.

GOLDMAN SACHS: Goldman Sachs began laying off employees on Jan. 11 in a sweeping price-cutting generate, with all around a 3rd of individuals impacted coming from the investment decision banking and world markets division, a supply common with the make any difference informed Reuters.

Just in excess of 3,000 personnel will be enable go, the resource, who could not be named, reported on Jan. 9. A different resource confirmed on Jan. 11 that cuts experienced started out.

The prolonged-envisioned careers cull at the Wall Road titan is expected to stand for the most important contraction in headcount since the fiscal disaster.

HSBC: Below force from his greatest shareholder, China’s Ping An Insurance policy Team, to make improvements to income, HSBC Chief Govt Noel Quinn has in new months accelerated strategies to shrink its world-wide empire and streamline its management.

Reuters noted HSBC is shedding at minimum 200 senior professionals as it prunes the ranks of main operating officers it has across an array of country and business enterprise traces.

The lender also announced it is marketing its Canadian enterprise for $10 billion, getting rid of about 4,000 workforce from its wage monthly bill in a stroke. It also introduced on Nov. 30 the sale of its considerably smaller New Zealand business enterprise, and the closure of a more 114 branches in Britain, leaving it with all around a third of the stores it had as lately as 2016.

MORGAN STANLEY: In December, the investment decision financial institution slashed about 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce, a supply familiar with the company’s plans explained to Reuters. The cuts reportedly have an effect on about 1,600 positions.

Morgan Stanley is generating modest job cuts all over the world, Main Government James Gorman said at the Reuters Following convention on Dec. 1, with no providing quantities.

Reuters had on Nov. 3 described layoffs had been coming at Morgan Stanley, with dealmakers in its Hong Kong and mainland China organizations among the individuals afflicted, as rigid Chinese lockdown principles weighed on activity. Sources explained the cuts would go beyond regular attrition.

WELLS FARGO & CO: The loan company slashed hundreds of jobs in its property finance loan organization throughout the United States, Bloomberg Information noted in December, citing folks familiar with the bank’s options.

“We routinely evaluation and change staffing stages to align with industry ailments and the wants of our businesses,” the lender had reported in an emailed assertion to Reuters at the time, with no giving any specifics on the range of personnel or units affected.

January 16, 2023

Amazon HR Staffers Turn From Hiring to Seeking Jobs Themselves

(Bloomberg) — With job cuts mounting throughout tech, finance and other industries, why wait to get fired when you can skip right to being hired?

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The go, known as “career cushioning,” requires lining up a prepare B when continue to fully utilized, primarily when career cuts are imminent. This is normally finished discreetly — perhaps a networking contact taken throughout lunch, or having the time to connect with previous colleagues.

Some Amazon.com Inc. workers are getting it just one stage further, publicly submitting that they are #OpenToWork on LinkedIn when even now employed by the business. It is all out there for everybody, together with their bosses and bosses’ bosses, to see.

One such Amazonian is Kayla Seem, a recruiting coordinator. In an interview, Glance said her stress was managing higher when layoffs were being declared in November: The holiday seasons ended up coming up, she had just graduated from university the year in advance of and was in the center of preparing a wedding ceremony. The bills and uncertainty were being mounting.

The unease began when the Seattle-primarily based firm froze using the services of a couple months earlier. She thought she could chill out when she survived the initial round of position cuts, but when the enterprise noted it would be slashing 18,000 work opportunities — alternatively than the initial 10,000 — the sensation of relief evaporated.

She knew it was time to be proactive. “It’s been two and a fifty percent months because the get worried of becoming laid off very first started out,” she mentioned. “I’m weary of remaining nervous.” Her managers never know any more than she does, so there’s no one particular to solution her issues, she mentioned.

Amazon says it was a “difficult decision” to do away with work opportunities.

“We really don’t get these conclusions evenly or undervalue how considerably they may well have an impact on the life of individuals who are impacted,” Amazon Main Government Officer Andy Jassy wrote in the most latest observe on the impending cuts, which will be primarily concentrated in its Men and women, Practical experience, and Technologies office. “We are doing work to help all those who are impacted and are giving deals that involve a separation payment, transitional well being insurance policy positive aspects, and exterior position placement assistance.” Amazon declined to remark further more.

When one particular of the supervisors on Look’s crew posted that she was #OpenToWork on LinkedIn very last week, it was like a inexperienced gentle. “She’s 1 of my leaders — I ought to comply with right after her if she doesn’t look self-confident in our odds,” she said. “Because I’m continue to new to the workforce, I felt like if I do this I’m not demonstrating loyalty and hence I’m heading to get slice. But no — it gave me reassurance that it’s ok to seem out for by yourself.”

The banner, which LinkedIn launched in 2020 following Covid-19 strike, has turn into an increasingly popular sight on the platform as layoffs ripple via the tech market.

Even even though she in the end desires to keep at Amazon, Search has been sending out resumes.

Robin Ryan, who is effective as a vocation coach throughout the lake from the e-commerce giant and has endorsed lots of looking to sign up for (or go away) the business, states she sees the posts as a kind of pushback — a way of indicating “‘Hey, I can go somewhere else.’”

At Amazon, which has 1.5 million personnel, the recruiter’s work is challenging: “The churn there is unbelievable. Most of it is quitting, it is a really stress filled area to do the job,” Ryan reported. Recruiters have plenty of roles to fill — lots of of which are really specialized and include in-depth sourcing and rigorous interviews.

Individuals subjected to months of uncertainty are apt to come to feel some measure of resentment, Ryan stated. And like Glance, quite a few in recruiting are entry-level professionals that aren’t paid the monumental salaries acquired by seasoned engineers. Just after hire, car or truck payments and other expenses, they frequently really don’t have substantially left above — building the prospect of losing their position that significantly additional unnerving.

Look’s was 1 of a lot more than 50 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a dozen #OpenToWork posts from recent Amazon workforce viewed by Bloomberg Information. Other staff members, some of whom acknowledged voluntary buyouts, wrote equivalent messages last month.

“In this case, you are seeking to provide men and women into the firm, and they’ve just kicked you out,” Ryan reported.

Look is hopeful the waiting around match will quickly appear to an conclusion. “They’re supposed to get started sending out letters following week,” she mentioned. “Honestly, I’m psyched for that, for the reason that I’m completely ready to discover out no matter if I’m in this article or not so I can shift on.”

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January 15, 2023

Ex-Goldman bankers tap LinkedIn, headhunters in frail financial jobs market

Goldman is cutting all-around 3,200 positions globally
Global downturn and offer-making slump hitting industry
Fired bankers take to LinkedIn internet site, faucet headhunters
Senior staff may possibly wrestle to uncover similar roles – recruiters

SYDNEY/HONG KONG/LONDON, Jan 12 (Reuters) – Freshly unemployed Goldman Sachs personnel are tapping head-hunters just after dropping their positions in its greatest restructuring since the 2008-9 economical crisis, with a sluggish worldwide economy set to make acquiring equivalent roles a problem, resources explained.

Goldman (GS.N) stepped up laying off personnel on Wednesday in a sweeping price-reducing push, with all over a third of those afflicted coming from the investment decision banking and global markets division, a resource common with the make any difference reported.

The Wall Street titan’s rivals have also started off to slash positions as worldwide banks put together for recession and broader, deeper cuts are anticipated throughout the business if deal-building activity remains weak.

At least 5,000 people today are at chance of layoffs from different banking institutions. In addition to the all-around 3,200 from Goldman, Morgan Stanley (MS.N) has cut about 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce, or 1,600 employment, a resource common with the make a difference explained last thirty day period, although HSBC (HSBA.L) is shedding at the very least 200, sources beforehand explained to Reuters.

The prolonged-anticipated jobs cull at Goldman follows a recruitment travel during the pandemic, which saw the bank’s total headcount top rated 49,000.

But spiralling inflation and rising geopolitical tensions in the wake of the Ukraine war have led to a sharp decline in some vital investment banking pursuits, forcing charge-mindful bank bosses to put together for leaner times.

“The sequence of downsizing at banks have pushed out hundreds of bankers and created even far more opposition in the neighborhood position current market,” Arnaldo Oliveira, founder and chief government of recruitment firm Orion Govt Research Global instructed Reuters.

“Absolutely everyone at financial institutions is anxious, no doubt. We have seen bankers at handling director stage permit go these past few times,” he claimed.

Some of those people influenced at Goldman are creating get in touch with with govt research corporations and financial commitment banking recruitment experts, 1 headhunting supply with awareness of the issue explained, although other individuals are looking for opportunities on LinkedIn, the on the web skilled networking system.

Seth Johnson, an financial investment banking compliance officer based in Salt Lake Town, UT, wrote on LinkedIn: “My job was amongst those people impacted by Goldman Sachs’ huge scale reduction today. There are a large amount of points I will miss out on about that role, but I am optimistic about the following chapter.”

Johnson, who was with Goldman Sachs for much more than 6 yrs, declined to comment.

TECH PIVOT

As information of the cuts impacting Goldman rippled across the planet on Wednesday, the financial institution reported it recognised the challenges for these shifting on.

“We know this is a tricky time for people today leaving the agency. We’re grateful for all our people’s contributions, and we are offering assistance to ease their transitions,” a memo witnessed by Reuters and signed by Tony Fratto, the bank’s world head of conversation, mentioned.

The financial institution declined to comment on dozens of postings on LinkedIn from some of its sacked employees.

Oliveira claimed some bankers who have reached out to recruiters like him are thinking of ditching financial investment banking for other positions.

“They are even considering chances outside of banking institutions such as M&A Advisory and Personal Fairness space,” he additional.

A 2nd London-based mostly expenditure banking headhunter explained obtaining the Goldman Sachs model on your CV will “usually be practical” but senior bankers had been likely to obtain the job hunt extra of a problem.

Junior and mid-level bankers have alternatives to pivot to invest in-side and tech positions, the headhunter reported, whilst dealmakers with experience in private fairness had been also considered most in-desire, with that phase of the international mergers and acquisitions sector found very likely to rally to start with.

“I come from a rural household so it has been a single roller coaster of a journey, overcoming social and financial limits to occur here,” Shilpi Soni, a Dallas-centered application engineer who was with the lender for 19 months, wrote on LinkedIn.

“Knowing from wherever I started off, getting laid off hurts. But, I am nevertheless hopeful that this may well not be the end of my journey right here in the US.”

Soni did not immediately reply to a ask for for remark sent by Reuters by LinkedIn.

Reporting by Scott Murdoch in Sydney and Selena Li in Hong Kong and Sinead Cruise and Iain Withers in London Modifying by Emelia Sithole-Matarise

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Scott Murdoch

Thomson Reuters

Scott Murdoch has been a journalist for more than two a long time doing the job for Thomson Reuters and News Corp in Australia. He has specialised in financial journalism for most of his job and addresses equity and debt funds marketplaces throughout Asia and Australian M&A. He is centered in Sydney.

January 14, 2023

Big U.S. banks continue to add jobs as Goldman Sachs cuts staff

NEW YORK, Jan 13 (Reuters) – JPMorgan Chase & Co (JPM.N) and Lender of America Corp (BAC.N) continued to include staff members as the economic climate softens, even right after the ranks of the five most significant U.S. lenders swelled by 100,000 because the get started of 2020.

The main money officers of the two most important U.S. financial institutions stated they would retain the services of selectively in spite of waning economic development.

JPMorgan’s (JPM.N) Main Economic Officer Jeremy Barnum stated the lender is continue to selecting and “in development method” in a simply call with journalists to talk about the bank’s fourth-quarter earnings.

The bank’s headcount will most likely increase modestly, though “there will be distinct adjustments at various moments, and we are viewing that all throughout the company,” Barnum said.

Lender of America (BAC.N) also carries on to seek the services of, significantly in wealth administration, even though also remaining disciplined on its charges, Chief Economic Officer Alastair Borthwick instructed reporters on Friday. Its workforce swelled to 216,823 at the finish of 2022 as opposed with 208,248 a yr earlier.

“We never have any options for mass layoffs,” he reported.

Citigroup Inc’s (C.N)
Chief Fiscal Officer Mark Mason advised an earnings briefing “we’re actively hiring to execute against our system. But we are also repacing wherever that can make sense in gentle of the environment that we are in.”

The banking giants stood by their employing options even as other loan providers slice staffing in expense banking and home loans.

The projections came right after Goldman Sachs Inc (GS.N) became the initial main lender to start substantial layoffs this calendar year, allowing go of extra than 3,000 workforce in its most important round of occupation cuts given that the 2008 economic disaster.

BNY Mellon (BK.N) designs to slice around 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce this yr, a source acquainted with the make any difference told Reuters on Friday. examine more

Among the five of the top 6 banking institutions, JPMorgan, Lender of The usa, Citigroup Inc (C.N), Goldman Sachs and Morgan Stanley (MS.N) included in excess of 100,000 work from the to start with quarter of 2020, based mostly on their fourth and 3rd quarter figures.

Wells Fargo bucked the development, reducing its headcount by approximately 21,000 in the exact same time period.

Reuters Graphics

Goldman experienced hired 10,600 persons because the commence of the pandemic, including workers for Marcus, its consumer banking device that was scaled back in Oct immediately after getting rid of income.

“It is a secure bet to say a lot more banking institutions might abide by as banking companies wrestle to make the math work from a bonus perspective and alter to lessen offer volumes,” Natalie Machicao, vice president at govt research company Sheffield Haworth in New York.

“Other banks are generating cuts, with equity cash marketplaces and leveraged finance a lot more deeply afflicted than coverage or M&A,” she explained, noting that the trims have been happening on an person basis or lesser scale relatively than a substantial reduction in drive.

Goldman’s price cuts replicate its reliance on investment decision banking and trading, which accounted for about 65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its income in the third quarter of 2022, as the dealmaking drought eroded revenue. That compares with Morgan Stanley, where by the equivalent enterprises produced up 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its income in the same interval.

Dante DeAntonio, a director of economic investigate at Moody’s, reported employment in finance and insurance coverage plateaued in the fourth quarter and commenced to decrease in December.

That masked a weaker pattern in the credit history intermediation or banking, which has declined modestly more than the very last 6 months immediately after keeping flat for most of 2021 and early 2022, he reported.

“We count on payrolls to continue being flat to a bit down in the course of this year with the most threat coming from the residential and industrial lending divisions inside of these establishments,” DeAntonio reported. “In some perception, the tide has by now turned.”

Reporting by Saeed Azhar, Lananh Nguyen, Niket Nishant and Carolina Mandl Modifying by Lananh Nguyen, Nick Zieminski and Aurora Ellis

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January 13, 2023

Goldman Sachs, BlackRock Start Layoffs, Cut Thousands of Jobs

It is a rough Wednesday on Wall Street, with Goldman Sachs and BlackRock slicing employment.
The cuts comply with a tough year for marketplaces and dealmaking.
Those people who still have a position will shortly locate out about their bonuses and could be still left dissatisfied.

Pleased New 12 months! Now gather your belongings.

Layoffs are happening throughout Wall Street on Wednesday, with Goldman Sachs starting to minimize additional than 3,000 staffers and BlackRock reducing up to 500.

The cuts observe a awful year for markets, as Russia’s invasion of Ukraine, inflation, and amount hikes sent markets into a tailspin. That led to a sharp drop in dealmaking and declining revenues and property beneath administration at top rated investment corporations.

Whilst they insert up to hundreds of employees members, the cuts depict a modest chunk of total headcount: about 6.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at Goldman Sachs and considerably less than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at BlackRock. Nonetheless, they’re a sharp contrast with prior decades when Wall Street was booming. Goldman skipped an annual culling of staff in 2020 and 2021.

The layoffs are not very likely to be the past across Wall Road as other major corporations modify to the new economic reality.

Those who even now have a job are probable to locate out their reward for 2022 in the coming months (Insider has a record of when each and every lender is envisioned to announce bonus payouts). Any time they’re communicated, many individuals are expecting disappointment.

Insider’s Alex Morrell and Carter Johnson wrote:

Generally, the announcement of bonus checks is eagerly awaited across Wall Avenue. But this wintertime, bonus period will be marked with trepidation — a fitting cap to a 2022 many dealmakers would fairly shortly overlook.

Starting this week, the nation’s most important banking companies — from JPMorgan Chase to Goldman Sachs, Citi, Morgan Stanley, Bank of The usa, and Wells Fargo — will get started saying calendar year-close bonuses to workers.

But expense banking activity cratered final yr following a pandemic-fueled glut of bargains in 2021, and bankers across Wall Avenue are bracing for scaled-down bonuses to strike their accounts this January.

You can get a lot more particulars on that here.

And you can get additional particulars on the cuts at Goldman Sachs right here and BlackRock here.

The cuts on Wall Street stick to layoffs throughout the tech sector, with Amazon, Salesforce, Vimeo, Stitch Take care of, and a number of startups cutting personnel in 2023. In the media small business, Insider’s Lucia Moses stories that The Wall Avenue Journal and other Dow Jones houses are also reducing positions.

Correction: January 11, 2023 — An earlier edition of this story misidentified Russia’s and Ukraine’s roles in the invasion previous year. Russia invaded Ukraine Ukraine did not invade Russia.

January 12, 2023

Goldman job cuts hit investment banking, global markets hard -source

Mass redundancies, expending review beckons for Wall Street giant
Cuts to all important divisions anticipated, globally
Restructuring in Asian prosperity unit kicks off Wednesday’s layoffs

NEW YORK/LONDON/HONG KONG, Jan 12 (Reuters) – Goldman Sachs (GS.N) started laying off personnel on Wednesday in a sweeping value-reducing generate, with about a 3rd of those people influenced coming from the financial commitment banking and world markets division, a resource acquainted with the make any difference said.

The lengthy-anticipated work opportunities cull at the Wall Street titan is predicted to characterize the most significant contraction in headcount considering that the monetary disaster. It is most likely to have an impact on most of the bank’s significant divisions, with its expense banking arm struggling with the deepest cuts, a supply explained to Reuters this month.

Just above 3,000 workers will be enable go, the source, who could not be named, said on Monday. A individual resource verified on Wednesday that cuts experienced begun.

“We know this is a hard time for people today leaving the organization,” a Goldman Sachs assertion on Wednesday mentioned.

“We are grateful for all our people’s contributions, and we are supplying support to simplicity their transitions. Our aim now is to correctly dimensions the organization for the alternatives forward of us in a hard macroeconomic ecosystem.”

The cuts are aspect of broader reductions across the banking sector as a feasible world economic downturn looms. At minimum 5,000 individuals are in the system of currently being reduce from different banking companies. In addition to the 3,000 from Goldman, Morgan Stanley (MS.N) has reduce about 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce, or 1,600 people today, a supply reported last month whilst HSBC (HSBA.L) is shedding at minimum 200, sources earlier mentioned.

Past calendar year was tough throughout teams together with credit rating, equities, and expense banking broadly, mentioned Paul Sorbera, president of Wall Avenue recruitment agency Alliance Consulting. “Numerous failed to make budgets.”

“It’s just aspect of Wall Avenue,” Sorbera explained. “We are used to observing layoffs.”

The newest cuts will lessen about 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Goldman’s headcount, which stood at 49,100 at the finish of the third quarter.

[1/3] A trader will work at the Goldman Sachs stall on the ground of the New York Inventory Exchange, April 16, 2012. REUTERS/Brendan McDermid/File Image

The firm’s headcount had included extra than 10,000 positions considering that the coronavirus pandemic as markets boomed.

The reductions arrive as U.S. banking giants are forecast to report reduce gains this 7 days. Goldman Sachs is predicted to report a internet financial gain of $2.16 billion in the fourth-quarter, according to a imply forecast by analysts on Refinitiv Eikon, down 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from $3.94 billion internet income in the same interval a year earlier.

Shares of Goldman Sachs have partially recovered from a 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} slide past 12 months. The inventory shut up 1.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Wednesday, up close to 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} yr-to-day.

LAYOFFS Close to World

Goldman’s layoffs commenced in Asia on Wednesday, the place Goldman completed cutting back its personal prosperity administration company and allow go of 16 non-public banking team across its Hong Kong, Singapore and China offices, a source with knowledge of the matter mentioned.

About 8 team have been also laid off in Goldman’s exploration department in Hong Kong, the resource included, with layoffs ongoing in the expense banking and other divisions.

At Goldman’s central London hub, rainfall lessened the prospect of workers huddles. Quite a few safety personnel actively patrolled the building’s entrance, but several people today ended up entering or leaving the residence. A glimpse into the bank’s recreational spot just outside of its foyer showed a handful of staffers in deep dialogue but couple of signals of drama. Wine bars and eateries community to the office were also brief of publish-lunch trade, in stark distinction to big-scale layoffs of the previous when unlucky staffers would normally collect to console just one a different and approach their up coming profession moves.

In New York, workers were being witnessed streaming into headquarters during the early morning rush.

Goldman’s redundancy designs will be followed by a broader expending overview of company vacation and fees, the Fiscal Situations claimed on Wednesday, as the U.S. financial institution counts the expenses of a large slowdown in company dealmaking and a slump in cash markets activity given that the war in Ukraine.

The company is also chopping its annual reward payments this calendar year to replicate depressed market circumstances, with payouts predicted to slide about 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Reporting by Sinead Cruise and Iain Withers in London, Selena Li in Hong Kong, Scott Murdoch in Sydney and Saeed Azhar in New York Enhancing by Josie Kao and Christopher Cushing

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