Update: My sources say that this was just Round One. There may be a Round Two and Three coming, up to 100 in total, in order to bring the bank more in line, staffing and activities-wise, with the rest of the circuit.
Is PwC going to claim, a la KPMG/Fannie, that they were deceived about the risks with derivatives the bank was taking? That would be pretty lame…
The problems are as bad as has been reported here earlier. There were at least thirty people made redundant (I love the British term!) on Tuesday. The cuts came at all levels, up to an Assistant General Counsel. There is word that more may be coming.
Too bad the market here in Chicago will be flooded soon with more banker layoffs from LaSalle whenever whatever deal goes through.
PwC-Did you know how bad it was?