FACTBOX-Banks, funds, insurers cut 373,760 jobs in crisis

Thu Apr 16, 2009 11:31am BST
[-] Text [+]

 April 16 (Reuters) - Banks, insurers and asset managers worldwide have
announced 373,760 job cuts since August 2007 when the credit crisis began to
intensify.
 Following is a list of the deepest job cuts at major companies:
 Company                     Jobs       Headcount       Latest
                             cut        before Aug 07*  headcount**
 ----------------------------------------------------------------------------
 Bank of America (BAC.N: Quote, Profile, Research)     45,500     195,675         243,075 (Dec. 31)
   (Includes 30,000-35,000 jobs to be slashed over three years after the
   purchase of Merrill Lynch and 7,500 jobs to be cut over the next two years
   after the acquisition of Countrywide Financial Corp)
 Barclays (BARC.L: Quote, Profile, Research)           9,050      127,700         156,300 (Dec. 31)
   (Includes 3,000 cuts after the acquisition of Lehman Brothers businesses)
 Citigroup (C.N: Quote, Profile, Research)             75,000     361,000         323,000 (Dec. 31)
 Commerzbank (CBKG.DE: Quote, Profile, Research)       9,200      35,384          43,169 (Dec. 31)
   (All layoffs announced after the acquisition of Dresdner Bank)
 
 Credit Suisse (CSGN.VX: Quote, Profile, Research)     7,320      45,600          47,800 (Dec. 31)
 Deutsche Bank (DBKGn.DE: Quote, Profile, Research)    1,380      75,140          80,456 (Dec. 31)
 Fidelity Investments        4,000      Unavailable     40,000 (April 15)
 Fidelity National
 Financial Inc (FNF.N: Quote, Profile, Research)       4,100      Unavailable     Unavailable
   (Includes 1,500 cuts after purchase of three title insurers in December)
 
 First American (FAF.N: Quote, Profile, Research)      5,460      38,000          32,700 (Dec. 31)***
 Goldman Sachs (GS.N: Quote, Profile, Research)        4,800      29,905          27,898 (March 27)
 HSBC (HSBA.L: Quote, Profile, Research)               16,250     312,577         312,866 (Dec. 31)
 ING (ING.AS: Quote, Profile, Research)           over 7,000      119,097         130,000 (Jan. 27)
 J.P.Morgan (JPM.N: Quote, Profile, Research)          23,700     179,664         224,961 (Dec. 31)+
   (Includes 7,600 cuts announced after the purchase of Bear Stearns and up
   to 14,000 layoffs announced in 2009)
 Lehman Brothers             12,570     N/A             N/A
   (Number made up of about 6,000 job cuts made before the bank collapsed in
   September and an estimated 10,500 left jobless after the bank collapsed --
   about 8,000 others were transferred to Nomura and 10,000 to Barclays)
 Merrill Lynch               3,300      61,900          N/A
   (Layoffs before takeover by Bank of America closed on Jan. 1)
 Morgan Stanley (MS.N: Quote, Profile, Research)       8,680      45,845          46,964 (Nov. 30)
 National City Corp          7,400      32,445          N/A
   (Layoffs before National City Corp merged with PNC on Dec. 31)
 Nomura (8604.T: Quote, Profile, Research)             1,530      16,854          26,318 (Dec. 31)
   (Includes 1,000 jobs cut after the acquisition of Lehman Brothers units)
 PNC Financial
 Services (PNC.N: Quote, Profile, Research)            5,800      28,054          59,595 (Feb. 3)
   (The job cuts at the combined group are due to be completed by 2011)
 RBS (RBS.L: Quote, Profile, Research)                 15,250     135,400         174,000 (Dec. 31)++
 Santander (SAN.MC: Quote, Profile, Research)          2,600      135,922         170,961 (Dec. 31)
 
 State Street (STT.N: Quote, Profile, Research)        1,800      24,500          30,000 (Dec. 3)
 
 UBS (UBSN.VX: Quote, Profile, Research)               19,700     81,557          76,200 (March 31)
 UniCredit (CRDI.MI: Quote, Profile, Research)         9,000      135,880         177,393 (Sept. 30)+++
 * Estimate based on earnings reports and management statements
 ** Headcount effective on the date in brackets
 *** Estimate
 + Includes 41,785 staff from the acquisition of Washington Mutual
 ++ Includes employees from ABN AMRO acquired in October 2007
 +++ Includes staff from Ukrsotsbank acquired in January
 Sources: company announcements and releases, Reuters reports
 (Reporting by Olesya Dmitracova)

 
 
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