Goldman Sachs cut 25 managing directors in Europe, the Middle East and Africa as part of a global cull of senior bankers, as the Wall Street firm strips out around $1bn in costs. The US bank's cuts in the region account for 20% of the 125 senior bankers that are leaving as part of Goldman's third round of redundancies in less than a year, according to people familiar with the matter.

Jefferies hired a top Barclays dealmaker in Germany to lead its investment bank in the country in the latest executive departure from the UK lender. Sven Baumann is joining the Jefferies as head of investment banking for Germany, Austria and Switzerland, known as the Dach region.