Banks' Job Cuts Reach 121,000 as Credit Woes Spread: Table
By Yalman Onaran and David Pierson
Sept. 26 (Bloomberg) -- The following table shows the 120,910 jobs cut by the world's biggest banks and securities firms since July 2007 as mortgage losses and writedowns for financial institutions reached $557 billion.
You can see quarterly and regional breakdowns of job cuts along with writedowns and capital infusions each bank has taken by typing WDCI. When you click on each bank's name, you can also see when each job reduction was announced. The data in this table were compiled by Bloomberg from company filings and statements.
Positions Percentage of
Firm Cut Headcount
======================================================
Citigroup 14,074 3.8%
Lehman Brothers* 13,390 46.8%
Bank of America 11,150 5.3%
Bear Stearns 9,159 64.7%
Wachovia 8,393 6.9%
Commerzbank AG** 8,000 21.8%
Royal Bank of Scotland 7,200 3.2%
UBS 7,000 8.4%
Merrill Lynch 5,220 8.1%
Morgan Stanley 4,440 9.2%
Washington Mutual 4,200 8.5%
JPMorgan Chase 4,100 2.3%
Indymac Bancorp 2,800 28.3%
HSBC Holdings 2,750 0.9%
SunTrust 2,400 7.6%
Northern Rock 2,000 40.0%
Credit Suisse 1,565 3.3%
WestLB 1,530 24.9%
Goldman Sachs 1,500 4.9%
Dresdner Bank AG 1,000 3.8%
Barclays 900 0.7%
National City 900 2.8%
Natixis 850 0.0%
HSH Nordbank AG 750 16.8
KeyCorp 740 3.9%
HBOS Plc 615 0.8%
Countrywide*** 514 45.0%
Fortis 500 0.8%
Wells Fargo 500 0.3%
Credit Agricole SA 500 0.6%
Deutsche Bank 470 0.6%
Nomura 400 2.5%
Bradford & Bingley 370 12.9%
Bayerische Landesbank 350 1.8%
Mizuho 300 0.6%
Bank of Montreal 150 0.0%
CIBC 100 0.2%
Mitsubishi UFJ 90 0.1%
Royal Bank of Canada 40 0.1%
======================================================
Total 120,910
Some company names have been abbreviated.
* Includes estimate on the number of jobs lost after Lehman's
bankruptcy when those transferred to Barclays and Nomura in
different units are excluded.
** Includes job cuts at Dresdner as well as at Commerzbank after
the two banks' planned merger.
*** This figure only reflects reductions in the bank's capital
markets division.
To contact the reporter on this story: Yalman Onaran in New York at yonaran@bloomberg.net; David Pierson in Princeton at dpierson@bloomberg.net.
Last Updated: September 26, 2008 13:33 EDT
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