FACTBOX-European banks cut jobs in subprime crisis
(Reuters) - Investment banks, which engineered debt instruments based on mortgage payments by high risk U.S. borrowers, are chalking up billions of dollars in losses as investors are shying away from those investments.
The following major European banks have announced job cuts in reaction to the subprime mortgage crisis since it escalated in early August.
CREDIT SUISSE (CSGN.VX)
Credit Suisse said on October 2 it was cutting 170 jobs in its investment banking division, or nearly 1 percent of the unit's employees, a week after it shed 150 jobs in its residential mortgage-backed securities business.
DRESDNER KLEINWORT
The investment bank, owned by insurer Allianz (ALVG.DE), said on December 11 it plans to axe about 60 jobs in its credit department and also expects to slash about 150 jobs across the wider business according to a source familiar with the matter.
The total makes up 3 percent of the workforce.
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.
SOCIETE GENERALE (SOGN.PA)
The French-based bank said on November 9 that "marginal headcount reductions" had been made in its fixed-income business. SocGen is cutting 25 fixed-income jobs in the United States according to a source.
UBS (UBSN.VX)
One of the top underwriters of municipal bonds said on November 16 it had laid off 30 municipal bond bankers and support staff.
In October, the bank announced it would cut 1,500 jobs in its capital markets and investment banking business after suffering $3.4 billion in losses on its fixed-income portfolio and elsewhere amid the global credit crunch.
(Compiled by Olesya Dmitracova; editing by Elaine Hardcastle)
