FACTBOX: Global financial job cuts - many more to come
(Reuters) - Swiss bank Credit Suisse (CSGN.VX) said on Tuesday it would axe about 500 more jobs across its investment banking and shared services divisions.
Many other financial companies have reduced headcount since the U.S. housing crisis escalated in August. Following is a summary of some of the deepest job losses at major banks:
* BANK OF AMERICA CORP (BAC.N)
The second-largest U.S. bank by assets said on January 15 it would eliminate 650 corporate and investment banking jobs, in addition to 500 cuts late in 2006 as part of an overall reduction of 3,000 jobs.
* BEAR STEARNS CO INC BSC.N
Since mid-August, the Wall Street bank has announced the elimination of about 1,500 jobs, and further cuts are expected after JPMorgan Chase & Co (JPM.N) agreed to buy it last month.
Layoffs will also take place at JPMorgan, the bank's chief executive, Jamie Dimon, said on April 16.
* CITIGROUP INC (C.N)
The largest U.S. bank said on April 18 it will cut another 9,000 jobs. These are in addition to 4,200 announced in January.
Citi ended March with 6,000 fewer staff than it had at the end of 2007. A person briefed on the matter said on March 20 that the bank is cutting about 2,000 investment banking and trading jobs on top of the 4,200.
* CREDIT SUISSE GROUP (CSGN.VX)
The bank has cut around 1,000 investment banking jobs this year, after shedding last year 170 jobs in the same division and 150 jobs in its residential mortgage-backed securities business.
* DEUTSCHE BANK AG (DBKGn.DE)
The biggest German bank has laid off about 150 people in corporate finance since January in addition to worldwide cuts of less than 300 made earlier, a source close to the bank said on April 11.
A spokesman for the bank said on January 16 it would cut up to 300 jobs worldwide in investment banking, or 2 percent of its workforce in that business.
* GOLDMAN SACHS GROUP INC (GS.N)
The U.S. bank has slashed 1,500 jobs, or 5 percent of its workforce, since December because they were deemed the poorest performers. It is also cutting an undisclosed number of positions in mortgage and investment banking in April.
* HSBC HOLDINGS PLC (HSBA.L)
Europe's biggest bank said on September 21 it would close its U.S. subprime mortgage unit, laying off 750 employees.
* JPMORGAN CHASE & CO (JPM.N)
People familiar with the situation said in October the bank was cutting 100 jobs across its global credit markets. The bank has also axed about 100 subprime mortgage jobs in California.
* LEHMAN BROTHERS HOLDINGS INC LEH.N
The Wall Street investment bank is laying off 5 percent of its global workforce, or about 1,430 people, due to tough market conditions, a person briefed on the matter said on March 10.
* MERRILL LYNCH & CO INC MER.N
The U.S. investment bank said on April 17 it would cut headcount by 4,000 from year-end 2007 levels, with about 1,100 of the jobs already gone in the first quarter. Job cuts will focus on the global markets and investment banking business and support areas, and will not affect retail brokers.
* MORGAN STANLEY (MS.N)
The second-largest U.S. investment bank announced 1,000 more job cuts on February 13 in its U.S. and British mortgage lending business.
In January, Morgan Stanley announced 1,000 cuts in wealth management, asset management back-office and technology jobs. In October, it cut about 300 jobs in its institutional securities division, on top of previous plans to cut 600 mortgage jobs.
* NATIONAL CITY CORP NCC.N
National City, one of the top 10 U.S. banks, said on January 2 it would cut 900 jobs, bringing total job losses to 3,400 since mid-2007.
* UBS AG (UBSN.VX)
The world's hardest-hit bank from the subprime crisis may cut up to 10 percent of jobs in its investment banking and trading division, people familiar with the situation said on April 15. With about 22,000 employees worldwide at UBS Investment Bank, the cuts could affect as many as 2,200 people.
In October, UBS disclosed third-quarter mortgage losses and said it would axe 1,500 fixed-income jobs by the end of 2007.
* WACHOVIA CORP WB.N
The fourth-largest U.S. bank plans to cut 12 percent of jobs in its markets and investment banking operations in the second quarter, Chief Financial Officer Tom Wurtz said on April 14.
The job cuts are on top of previous cuts and would result in the elimination of 24 percent of jobs in the unit since the start of 2007, Wurtz said.
(Compiled by Olesya Dmitracova)
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