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The Deepest Job Cuts At Major Financials
Topics:Employment | Banking
Sectors:Financial Services | Banks
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Banks, insurers and asset managers worldwide have announced 383,661 job cuts since August 2007, when the credit crisis began to intensify.
Here is a list of the deepest job cuts at major companies:
The Deepest Job Cuts at Major Financial Companies |
| Company | Jobs Cut | Headcount before Aug 07 | Latest Headcount |
| American Express | 11,000 | unavailable | unavailable |
| Bank Of America | 45,500 | 195,675 | 284,802 (March 31) |
| Barclays | 9,050 | 127,700 | 156,300 (Dec. 31) |
| Citigroup | 75,000 | 361,000 | 309,000 (March 31) |
| Credit Suisse | 7,320 | 45,600 | 46,700 (March 31) |
| Deutsche Bank | 1,380 | 75,140 | 80,277 (April 15) |
| Fidelity Investments | 4,000 | unavailable | 40,000 |
| Goldman Sachs | 4,800 | 29,905 | 27,898 (March 27) |
| HSBC | 16,350 | 312,577 | 312,866 (Dec. 31) |
| ING | over 7,000 | 119,097 | 114,035 (March 31) |
| JP Morgan | 23,700 | 179,664 | 219,569 (March 31)+ |
| UBS | 19,700 | 81,557 | 76,200 (March 31) |
| Morgan Stanley | 8,680 | 45,845 | 44,616 (March 31) |
| PNC | 5,800 | 28,054 | 59,000 (April 23) |
| RBS | 15,250 | 135,400 | 174,000 (Dec. 31)++ |
| State Street | 1,800 | 24,500 | 27,500 (March 31) |
| Merrill Lynch | 3,300 | 61,900 | N/A |
| Santander | 2,600 | 135,922 | 181,166 (March 31) |
| First American | 5,460 | 38,000 | 31,411 (Dec. 31) |
| Lehman | 12,570 | N/A | N/A |
| National City Corp | 7,400 | 32,445 | N/A |
| Lloyds | 3,595 | 66,000 | 58,756 |
Merrill Lynch: Layoffs before takeover by Bank of America closed on Jan. 1.
Lloyds: Includes nearly 3,000 cuts since takeover of HBOS in early 2009.
Lehman: Number made up of about 6,000 job cuts made before the bank collapsed in September and an estimated 10,500 left jobless after the bank collapsed -- about 8,000 others were transferred to Nomura and 10,000 to Barclays.
RBS: Includes employees from ABN AMRO acquired in October 2007.
JP Morgan: Includes 38,211 staff from the acquisition of Washington Mutual.
Group of Securities
Copyright 2009 Reuters. Click for restrictions.
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Data is a real-time snapshot *Data is delayed at least 15 minutes