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
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