FACTBOX-Banks, funds, insurers cut 383,661 jobs in crisis

Tue Jun 16, 2009 3:44pm BST
 
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 June 16 (Reuters) - Banks, insurers and asset managers worldwide have
announced 383,661 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**
----------------------------------------------------------------------------
 American Express (AXP.N)    11,000     Unavailable     Unavailable
 
 Bank of America (BAC.N)     45,500     195,675         284,802 (March 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)            9,050     127,700         156,300 (Dec. 31)
   (Includes 3,000 cuts after the acquisition of Lehman Brothers businesses)
 Citigroup (C.N)             75,000     361,000         309,000 (March 31)
 Commerzbank (CBKG.DE)        9,500      35,384          64,707 (March 31)
   (All layoffs announced after the acquisition of Dresdner Bank)
 Credit Suisse (CSGN.VX)      7,320      45,600          46,700 (March 31)
 Deutsche Bank (DBKGn.DE)     1,380      75,140          80,277 (March 31)
 Fidelity Investments         4,000     Unavailable      40,000 (April 15)
 Fidelity National
 Financial Inc (FNF.N)        4,100     Unavailable      13,680 (March 31)
   (Includes 1,500 cuts after purchase of three title insurers in December)
 First American (FAF.N)       5,460      38,000          31,411 (Dec. 31)
 Goldman Sachs (GS.N)         4,800      29,905          27,898 (March 27)
 HSBC (HSBA.L)               16,350     312,577         312,866 (Dec. 31)
 ING (ING.AS)            over 7,000     119,097         114,035 (March 31)
 J.P.Morgan (JPM.N)          23,700     179,664         219,569 (March 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)
 Lloyds (LLOY.L)              3,595      66,000          58,756
   (Includes nearly 3,000 cuts since takeover of HBOS in early 2009)
 
 Merrill Lynch                3,300      61,900          N/A
   (Layoffs before takeover by Bank of America closed on Jan. 1)
 Morgan Stanley (MS.N)        8,680      45,845          44,616 (March 31)
 National City Corp           7,400      32,445          N/A
   (Layoffs before National City Corp merged with PNC on Dec. 31)
 Nomura (8604.T)              1,530      16,854          25,626 (March 31)
   (Includes 1,000 jobs cut after the acquisition of Lehman Brothers units)
 PNC Financial
 Services (PNC.N)             5,800      28,054          59,000 (April 23)
   (The job cuts at the combined group are due to be completed by 2011)
 RBS (RBS.L)                 15,250     135,400         174,000 (Dec. 31)++
 Santander (SAN.MC)           2,600     135,922         181,166 (March 31)
 State Street (STT.N)         1,800      24,500          27,500 (March 31)
 UBS (UBSN.VX)               19,700      81,557          76,200 (March 31)
 UniCredit (CRDI.MI)          9,000     135,880         170,732 (March 31)+++
   * Estimate based on earnings reports and management statements
  ** Headcount effective on the date in brackets
   + Includes 38,211 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
 (Compiled by Olesya Dmitracova and David Cutler)

 

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