FACTBOX-Job cuts at major financial groups
Nov 6 (Reuters) - Following is a summary of some of the biggest job losses at major banks since the start of the credit crisis:
BANK OF AMERICA CORP (BAC.N)
The second-largest U.S. bank by assets said in June it expected to eliminate about 7,500 jobs over the next two years after the completion of its acquisition of Countrywide Financial Corp, the largest U.S. mortgage lender.
BARCLAYS PLC (BARC.L):
The UK-based bank plans to cut about 3,000 jobs as it brings Lehman Brothers Holdings Inc's North American operations that it bought into its fold.
CITIGROUP (C.N):
Citigroup cut 11,000 jobs during Q3, which brought the total number of jobs cuts in 2008 to 23,000.
COMMERZBANK AG (CBKG.DE):
On Sept. 1 the German bank announced its plan to cut 9,000 jobs in the wake of its agreement to purchase Dresdner Bank from Allianz (ALVG.DE). About 2,500 jobs of the 9,000 cuts will be outside Germany.
CREDIT SUISSE GROUP (CSGN.VX):
The bank has axed more than 1,500 jobs, the majority in investment banking in the last year since 2007 and on Tuesday it said it would cut 500 more jobs.
FIDELITY (FNF.N):
Fidelity National Financial Inc cut 1,000 jobs in the last quarter, on top of 1,600 job eliminations in the April-to-June period.
FIRST AMERICAN CORP (FAF.N):
The largest U.S. title insurer by reported revenue said last month it cut 1,250 jobs in the third quarter, bringing the total for the year to about 2,950, or 8 percent of its workforce. It has cut roughly 6,500 jobs since the first quarter of 2007.
GOLDMAN SACHS GROUP INC (GS.N):
Goldman plans to cut 10 percent of its staff, or almost 3,300 jobs. The company had a record 32,569 employees in August and the latest cuts reduce headcount to the lowest since 2006.
HSBC HOLDINGS PLC (HSBA.L)
The global bank said late last month it was cutting 1,100 jobs in its investment banking operation, or 4 percent of the workforce.
JPMORGAN CHASE & CO (JPM.N)
JPMorgan said in July it planned to cut as much as 10 percent of its European investment banking jobs. It has over 180,000 employees globally, including 25,000 in investment banking.
LEHMAN BROTHERS HOLDINGS INC LEH.N:
Lehman, which filed for bankruptcy last month, had 26,000 employees. About 10,000 have been given jobs until at least the end of the year, after Barclays Capital bought Lehman's North American capital markets business and other assets.
MERRILL LYNCH & CO INC MER.N:
Merrill Lynch which agreed last month to be taken over by Bank of America Corp had already planned to reduce staffing by about 4,200.
MORGAN STANLEY (MS.N):
The U.S. investment bank said on July 31 it was finished cutting jobs, having slashed 4,800 jobs in the past year.
NATIONAL CITY CORP NCC.N:
The bank said last week it planned to reduce 4,000 jobs, or 14 percent of its workforce, over three years to save $500 million to $600 million annually by 2011.
UBS AG (UBSN.VX):
UBS said at the beginning of October it would cut another 2,000 jobs at its troubled investment bank. The job losses come on top of 7,000 jobs already cut, about 4,100 of which were in investment banking positions cut in the past year. The bank will have reduced its headcount by more than 10 percent to under 80,000.
UNICREDIT SPA (CRDI.MI):
Europe's fourth-largest bank said in June it would shed 9,000 posts out of 100,000 in Germany, Austria and its domestic base Italy.
WACHOVIA CORP WB.N
The bank said in August it would cut 6,950 jobs, 600 more than it had previously disclosed.
(Compiling by Olesya Dmitracova, David Cutler and Jijo Jacob; Editing by David Holmes)
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