Bloomberg Anywhere Bloomberg Professional About Bloomberg


Bank of America Corp:
Banks, Brokers Cut 83,000 Jobs as Subprime Losses Mount: Table

By Yalman Onaran

May 27 (Bloomberg) -- The following table shows the 83,000 jobs cut by the world's biggest banks and securities firms in the past 10 months as mortgage losses and writedowns for financial institutions reached $383 billion.

JPMorgan Chase & Co. said last week it will keep 45 percent of Bear Stearns Cos.'s 14,000 employees after the firms complete their merger next month.

The data in this table were compiled by Bloomberg from company filings and statements.



Firm                 Positions Cut      Percentage of Headcount

Citigroup               15,900                    4.3%

Bear Stearns             9,159                   66

Royal Bank of Scotland   7,200*                   3.2

UBS                      7,000                    8.8

Lehman Brothers          6,390                   23

Merrill Lynch            5,220                    8.3

Morgan Stanley           4,440                    9.4

JPMorgan Chase           4,100                    2.3

Bank of America          3,650                    1.7

Washington Mutual        3,000                    6.5

SunTrust                 2,400                    7.6

Northern Rock            2,000                   40

HSBC                     1,650                    0.5

WestLB                   1,530                   25

Goldman Sachs            1,500                    4.7

Wachovia**               1,443                    1.2

Credit Suisse            1,320                    2.7

National City              900                    2.9

Barclays                   900                    0.7

KeyCorp                    740                    4

Countrywide***             514                   45***

Fortis                     500                    0.8

Wells Fargo                500                    0.3

Deutsche Bank              470                    0.6

Nomura                     400                    2.2

Mizuho                     300                    0.6

HBOS                        90                    0.1

Royal Bank of Canada        40                    0.1
                         _____

TOTAL                   83,256


Some company names have been abbreviated.

* While most of the cuts are related to the absorption of ABN
Amro Holding NV, which was purchased last year, some positions
were eliminated because of the credit-market contraction, the bank
said, without providing a breakdown.

** Part of this figure is based on Bloomberg's estimate of the
number of employees in the fixed-income division of the securities
unit. The firm has confirmed that a third of the positions were
being cut.

*** This figure only reflects reductions in the bank's capital
markets division. The percentage of headcount figure represents
the ratio of eliminated positions to the total number of employees
in that unit.

To contact the reporter on this story: Yalman Onaran in New York at yonaran@bloomberg.net.

Last Updated: May 27, 2008 13:50 EDT

Sponsored links