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FACTBOX-Banks, funds, insurers cut 312,500 jobs in crisis
February 3, 2009 / 11:55 AM / 9 years ago

FACTBOX-Banks, funds, insurers cut 312,500 jobs in crisis

 Feb 3 (Reuters) - PNC Financial Services Group Inc (PNC.N) said on Tuesday it plans to cut 5,800 jobs following its recent purchase of troubled lender National City Corp.
 Including these layoffs, at least 312,498 job cuts have been announced worldwide by banks, insurers and asset managers 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)     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)           9,050      127,700         150,000 (Jan. 15)
   (Includes 3,000 cuts after the acquisition of Lehman Brothers businesses)
  
 Bear Stearns                1,500      N/A             N/A
   (Layoffs between Aug 2007 and April 2008, before takeover by J.P.Morgan)
  
 Citigroup (C.N)             75,000     361,000         323,000 (Dec. 31)
  
 Commerzbank (CBKG.DE)       9,000      35,384          42,893 (Sept. 30)
   (All layoffs announced after the acquisition of Dresdner Bank)
  
 Credit Suisse CSGN.VX     7,320      45,600          50,300 (Sept. 30)
  
 Deutsche Bank (DBKGn.DE)    1,380      75,140          81,308 (Sept. 30)
  
 Fidelity Investments        4,000      Unavailable     44,400 (Nov. 12)
  
 First American (FAF.N)      4,250      38,000          34,000 (Oct. 30)***
  
 Goldman Sachs (GS.N)        4,800      29,905          30,067 (Nov. 28)
  
 HSBC (HSBA.L)               2,850      312,577         335,000 (Aug. 4)
  
 ING ING.AS           over 7,000      119,097         130,000 (Jan. 27)
  
 J.P. Morgan (JPM.N)         16,900     179,664         224,961 (Dec. 31)+
   (Includes 7,600 cuts announced after the purchase of Bear Stearns and
   9,200 layoffs at the former Washington Mutual Inc, bought by J.P.Morgan)
  
 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)       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)             1,480      16,854          26,318 (Dec. 31)
   (Includes 1,000 jobs cut after the acquisition of Lehman Brothers units)
  
 PNC Financial Services      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)                 3,950      135,400         170,000 (Nov. 14)++
  
 UBS UBSN.VX               9,000      81,557          79,565 (Sept. 30)
  
 UniCredit (CRDI.MI)         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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