The Worst Day For Job Cuts Yet - 9 Firms Wielding Axe
More in BUSINESS NEWS
back-up- Top Firms Finally Hit By H1N1 Threat
- Top Firm Caught Out By Rogue Traders
- 'It's Not As If They Paid Great Bonuses In The First Place!'
- Top Firm Chain Letter
- Sisters Are Doing It For Themselves
- Dear All - 'I Am Not Interested' In Bank of America Job
- Bank of America, BNP Paribas, Goldman, JPMorgan, Galleon Group
- Old Traders Never Die - The Seance
- Click Here To Register For Free News E-Mail Alerts
- Speculation Mounts About Goldman's Bonus Plans
- Top Boss Tells Church Crowd 'Profit Is Not Satanic'
- Your Views On Bonuses (Poll Results)
- Bank of America 'Is Not A Monarchy'
- Bankers Will Have The Last Laugh On Pay
- 'There Aren't Many People Who Think Charlotte Is A Major Financial Center'
- Top Firm Delivers 'Another Big Disappointment'
- Bank Of America CEO Poll - Incredible Result
- Scruffy Civil Servant Warns Tax Dodgers
- BofA Said To Have Got Another Turn-Down
- Interview With Bernie Madoff
- Top Firm Dismisses Talk Of Further $10bn Writedown
- The Average British Soldier
- Top Firm Puts More Aside For Staff Compensation
- Firms On Alert As Insect 'Infestation' Crashes PC Networks
- Register Now For Free 'Old Traders Never Die' Updates
- Secretary Geithner's Written Testimony On Reform Of Financial System
- ISITC Europe Successfully Introduces New Operating Structure
- Dumb & Dumber - Incredible Details About Lehman Weekend Revealed
- The Cityboy Column
- The Man Bank of America Should Hire As CEO (But Won't)
- Goldman Needs To Give Away $1bn
- Top Firms Said To Have Lost $400m On Hedge Fund
- H1N1 Flu - Have You Got It ? (Quick Test)
- H1N1 Bank Call Center Transcript (You Couldn't Make It Up)
- 'It's Just No Fun Anymore!'
- Top Firm CEO Says He Won't Poach Staff From Rivals
- 'I Hate Recruitment Consultants' - Reader Comments
- Bohemian Bankruptcy
- 'I Hate Recruitment Consultants'
- Mack Attack - The Moment Big John Hit Back
- Compliance Training ? 'The Biscuits Were Good'
- Banker, Hire Thyself
- IT Recruitment - The Smart Way
- And Wall Street's Top Athlete Is...........
- John Mack On Saving Morgan Stanley
- Bankers Taught How To Be Killing Machines
- Banks Given Five More Days To Justify Bonuses
- Billionaire Madoff Investor Found Dead In Swimming Pool
- Top Bailed-Out Execs Averaged $18m Each In 2008
- The Vic Daniels Column - 26/10/09
Related Content
- New Banking Rules Likely To Mean More Job Cuts, Less Pay (10/09/2009)
- The Worst Brand Performance In 2009 Is......... (19/09/2009)
- Pay Czar's Wall St Compensation Cuts - What The Smart Money Says (23/10/2009)
- What A Way To Lose Your Job! (15/10/2009)
- Look Who Goldman Turned Down After Job Interviews (21/08/2009)
- It's The Easiest Time To Get A New Job In Over 2 Years (07/10/2009)
What follows is not for the faint-hearted.
After the story yesterday that up to 30,000 jobs may be lost as Bank of America merges with Merrill Lynch in the coming weeks, we had hoped for a respite on the job loss story front. However, it's clear that firms want to clear the decks before Christmas, and get as much of the bad news out of the way as they can.
Here's today's news:
Credit Suisse
The firm has announced 5,300 jobs will go around the world, after sustaining some $2.5bn in losses, mostly over at its investment banking unit, in October and November. The brunt of the job losses will fall in the investment bank, with private banking to remain largely untouched. In addition, 1,400 contractor positions will go.
Commerzbank ' Dresdner Kleinwort
1,200 jobs will go in London and 150 in Frankfurt as Commerzbank kicks off plans to integrate Dresdner. The axe is likely to fall in research, M&A and debt and equity underwriting. Jobs will also go in FX as Commerzbank merges the two platforms. The merger will not close until January, so this first cull will not begin until next month at the earliest, but is thought likely to be mostly completed by the end of the first quarter.
Nomura International
1,000 jobs will go in London in the first wave of cuts since Nomura acquired Lehman Brothers European businesses earlier this year. The cuts represent around 20% of the workforce.
State Street
The firm has confirmed that up to 1,800 jobs wil be cut, or 6% of the workforce, due to current adverse market conditions. Most of the cuts will come from State Street's North American operations.
Jefferies & Co
300 staff, or around 12.2% of the workforce, are said likely to be axed in the coming weeks.
Macquarie
Around 100 positions are said to have gone in the bank's Melbourne and Brisbane offices this week, and some staff in London are understood to have been told that they are to be relocated. There are some suggestions that up to 1,000 out of the firm's 13,000 workforce are likely to go an ongoing review of headcount.
Carlyle Group
100 positions, or 10%, of the private equity firm's staff, are said likely to lose their jobs.
Legg Mason
Further job cuts are expected as early as this week. The cull will be in addition to the staff already let go over at Legg Mason Capital Management.
Morgan Stanley
The firm has now shut its office in Greece, which it opened in 2004. It has also closed its Turkey office.
Sources - Bloomberg, Boston Herald, CNBC, Financial Times, Reuters, The Wall Street Journal
Layoffs - The Definitive Job Loss League Table Update
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
