A bank appears to have fired 30%+ of its London equity research team last week
Who needs people in equity research when you have Claude? Yes, Claude is incapable of original thought, but Claude is also very good at assembling and analysing data.
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It's possibly with this in mind that Berenberg, one of the oldest private banking institutions in Europe cut around 30% of its equity research team last Thursday.
Around 40 people are understood to have been cut, including 30 people in equity research. Berenberg's equity research team was previously thought to comprise 100 analysts.
Headhunters say Berenberg people are out on the market and that it is "sad." - "Research is evolving due to AI, so it will be tougher for the juniors," says one. "It will be easier for the seniors next year."
Berenberg often pays its bonuses around this time of the year, making the cuts doubly saddening. Head of the European investment bank Laura Janssens left the firm in October.
A spokesperson for Berenberg said: "By actively integrating cutting-edge AI into our research capabilities, we are unlocking significant new potential to elevate our insights. As we optimize our workflows and adjust our team structures to reflect this technological evolution, we remain fully committed to delivering the same comprehensive, high-quality services our clients trust."
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