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.
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|
|BANK OF AMERICA (BAC)||30,000||287,839|
|LLOYDS BANKING (LLOY-GB)||15,000||103,859|
|MONTE DEI PASCHI DI SIENA||2,200||31,201|
|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|
|GOLDMAN SACHS (GS)||1,000||35,500|
|DEUTSCHE BANK (DB)||500||102,062|