Bankers in London braced for hundreds of potential job losses and a hit to Britain s already-dented financial sector after the historic rescue of Credit Suisse by Swiss rival UBS.
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Annual bonuses are expected to be down as much as 50 percent this year, as investment banks deal with declining revenues. There has been a sharp drop in the banks businesses of lending.
Bankers in New York and London are bracing for year-end bonuses that recruiters estimate are 30% to 50% lower, while some may receive none at all as dealmaking sputters and economic gloom sets takes