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Job Losses League Table - Updated

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Financial Markets HR
HSBC - Derivative Operations - Feb 08
Listed below are our best estimates of where financial markets job cuts at the main firms have come / are likely to come because of the current market difficulties.

Citi - 7,900

Merrill Lynch - 5,600

Lehman Brothers - 4,990 (more job losses are likely in the next week or so)

UBS - 4,600

Morgan Stanley - 4,440

Bank of America
- 3,650

Goldman Sachs - 1,800

HSBC - 1,800

Bear Stearns - 1,550 (around 8,000 of the firm's 14,000 current staff are thought likely to go following the merger with JPMorgan).

WestLB - 1,530

Credit Suisse - 1,350

Wachovia - 1,100

Royal Bank of Scotland / ABN AMRO - 650 (Rumours abound that up to 25% of the combined 28,000 corporate and investment banking staff could eventually go)

Royal Bank of Canada - 510

Fortis / ABN AMRO Asset Management - 490

Nomura Holdings - 440 (mostly down to the closure of the firm's US unit)

Deutsche Bank - 470

Dresdner Kleinwort - 450

Mizuho Financial Group - 300

Barclays Capital - 220

Moody's Investor Services - 180

Fidelity International - 170

Thomas Weisel Partners - 160

Jefferies & Co - 150

BNP Paribas - 145

Fitch Ratings - 130

SG Corporate & Investment Banking - 125

JPMorgan - 120 (speculation is mounting that up to 1,500 job cuts are likely due to the impending acquisition of Bear Stearns)

Henderson Global Investors - 45

Daiwa SMBC Europe - 25

Sources include Bloomberg, The Financial Times and The New York Times


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