FACTBOX: Deepest job cuts at major financial firms

Mon Sep 1, 2008 11:28am EDT
 
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(Reuters) - Commerzbank said on Monday it would cut 9,000 jobs and shrink investment bank Dresdner Kleinwort after buying Dresdner Bank.

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

The second-largest U.S. bank by assets expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial Corp, the largest U.S. mortgage lender.

Separately, Bank of America is cutting about 3,000 jobs, mainly in corporate and investment banking.

* CITIGROUP INC

Citigroup Inc has chopped 14,000 jobs this year.

* COMMERZBANK

The German bank announced its plan on Monday to cut 9,000 jobs in the wake of its agreement to purchase Dresdner Bank from Allianz. About 2,500 jobs of the 9,000 cuts will be outside Germany. According to a person familiar with the matter, about 2,000 of those will be cut from Dresdner Kleinwort.

* CREDIT SUISSE GROUP

The bank has axed a total of more than 1,320 jobs, with the majority in investment banking, since the start of the credit crisis last year.

* DEUTSCHE BANK AG

The biggest German bank has laid off about 450 people in corporate finance and investment banking in 2008.

* GOLDMAN SACHS GROUP INC

The world's largest securities firm laid off hundreds of investment bankers in June. In April it initiated a round of market-related cuts, hitting such areas as leveraged lending and mortgage securities, though none have been announced publicly.

In January the bank said it planned to lay off about 5 percent of its global workforce, or 1,500 jobs.  Continued...

 

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