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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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