Kaupthing Singer & Friedlander puts retention scheme in place for the remaining staff.
UK administrator Ernest & Young have confirmed that 74 jobs were cut at the firm’s investement banking arm today, but that a retention scheme has been put in place for the remaining staff.
Discussions on a possible sale of Singer’s private banking business last weekend had looked promising, but fell through on Sunday night.
Ernst & Young confirmed today they are still seeking buyers for the private client business, but will not comment on ongoing negotiations. It is believed that Close Brothers and Collins Stewart were the two frontrunners for a sale at the weekend.
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