FACTBOX: Global financial job cuts - many more to come

Tue Apr 22, 2008 1:24pm EDT
 
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(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.NContinued...

 

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