The embodiment of a false economy. : There is a paradox of cost cutting exercises, which is that they tend to over-deliver on the headcount reductions. If you fire 10%  of your staff, then you will typically find that another 10% leave. This would be good news for cost cutting managers, except that the 10% who leave tend to include many of the ones that you wanted to keep. As soon as a headcount reduction is rumoured, sensible bankers will start feeling out the market to see what their options are if the worst comes to the worst.