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When staff complain, they deserve a fair hearing, not a wall of silence
Fahy will also lead asset-based finance origination
Hire comes from law firm, Mayer Brown, where he was also a partner
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Royal Bank of Scotland’s syndicate team suffered big job losses this week, with the financial institutions loans side of the business among the worst hit. The cuts are part of the 2,700 jobs losses across global banking and markets announced last month.
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Two of the best known bankers in the loan market have left JP Morgan this week as part of redundancies across the firm. Their departures were described by loan officials at rival firms as "dramatic" and "a blow to the industry".
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Société Générale became the latest bank to cut its Asian leveraged finance team this week as it made two of its three Australian specialists redundant. Steve Zuckerman and James Poulos are to leave the leveraged and acquisition finance team in Australia as the bank said it would return to its former strategy of covering the Asia Pacific region from Hong Kong.
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Royal Bank of Scotland’s most senior Asian leveraged finance banker resigned last week and will not be replaced as the bank scales back its operations in the troubled sector.
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Two more bankers are to leave ABN Amro’s loan syndication team as redundancies in the industry mount.
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Markit, the financial information services company, this week announced a partnership with ratings agency and research provider Standard and Poor’s in a bid that aims to create a new identification system for the loan market.