An Incredible League Table - The Credit Crunch In Context
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But we thought it would be interesting to work out just how much in writedowns and credit losses firms have written off per wholesale banking employee. Detailed below are our amazing findings:
Please note that the headcount figures may not be exact, as some firms do not give out their wholesale staff numbers. We have used our own best estimates, and have tried to exclude brokerage staff numbers where available.
1. Mizuho Securities (Part of Mizuho Financial Group) - $5.5bn in writedowns / credit losses, 2,000 wholesale banking employees, $2,750,000 per employee.
2. Wachovia - $7bn, 3,900, $1,794,872 per employee
3. UBS - $37bn, 22,000, $1,681,818 per employee
4. Citi - $40.9bn, 30,000, $1,363,333 per employee
5. Bank of America - $14.8bn, 20,000, $740,000 per employee
6. Merrill Lynch - $31.7bn, 48,100, $659,044 per employee
7. Dresdner Kleinwort - $3.3bn, 6,000, $550,000 per employee
8. Credit Agricole - $6.9bn, 13,000, $530,769 per employee
9. Barclays Bank / Barclays Capital - $7.7bn, 16,200, $475,309 per employee
10. JPMorgan Chase - $9.8bn, 25,000, $392,000 per employee
11. Deutsche Bank - $7.6bn, 20,000, $380,000 per employee
12. SG Corporate & Investment Banking - $3.9bn, 10,500, $371,429 per employee
13. Morgan Stanley - $12.6bn, 38,050, $331,143 per employee
14. Credit Suisse - $6.3bn, 20,000, $315,000 per employee
15. Lehman Brothers - $6.6bn, 30,000, $220,000 per employee
16. Goldman Sachs - $4.1bn, 30,000, $133,667 per employee
17. BNP Paribas - $1.7bn, 13,000, $130,769 per employee
Note we will immediately correct any error in these figures. Firms should e-mail news@hereisthecity.com with any amendment details.
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