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Bank Layoffs Exceed 100,000: Where the Cuts Are

Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.

Susan Trigg | Getty Images

JPMorgan said on Thursday it would cut 1,000 jobs from its investment banking division over the next 18 months.

The layoff plan brings staff cuts announced this year or reported to be in the works at U.S. and European banks to just over 100,000 — some to be lost over the course of three- or four-year programs.

Many, including Royal Bank of Scotland, Lloyds Banking, Citigroup and Bank of America , had already cut thousands of jobs after the financial crisis.

This year's job cut estimates are also likely to be conservative figures, as not all banks trimming teams have publicly announced layoffs, and the number does not take smaller investment banks, boutiques and brokers into account.

The following is a summary of total cuts announced by major banks:

Job Cuts by Major Banks

Banks
Job Cuts
Total Staff
HSBC (HSBA-GB) 30,000 295,995
BANK OF AMERICA (BAC) 30,000 287,839
LLOYDS BANKING (LLOY-GB) 15,000 103,859
UBS (UBS) 3,500 65,707
BARCLAYS (BARC-GB) 3,000 146,100
INTESA SANPAOLO 3,000 101,169
ABN AMRO 2,350 26,161
MONTE DEI PASCHI DI SIENA 2,200 31,201
NORDEA 2,000 34,169
ROYAL BANK OF SCOTLAND (RBS) 2,000 148,300
CREDIT SUISSE (CS) 2,000 50,700
BANK OF NY MELLON (BK) 1,500 48,900
RABOBANK 1,200 59,000
BANCO POPOLARE 1,120 19,209
GOLDMAN SACHS (GS) 1,000 35,500
JPMORGAN (JPM) 1,000 239,831
DEUTSCHE BANK (DB) 500 102,062
Source: Reuters
Symbol
Price
 
Change
%Change
BAC
---
C
---
JPM MLP ETN
---
RBS
---
HSBA
---
BARC
---
UBSN
---
DBK
---
BK
---
GS
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