Layoffs - The Definitive Job Loss League Table (Updated)
The figures below are based on our best estimates. In many cases, the firms themselves won't confirm (for obvious reasons) the number of staff they are letting go. In the case of Bear Stearns, JPMorgan, Royal Bank of Scotland / ABN AMRO and Thomson Reuters, we have used the job loss projections published in the mainstream media.
Bear Stearns - 7,500 job losses, 14,000 financial markets jobs, 53.5% of the total
Wachovia - 1,200, 3,900, 30.7%
Citi - 7,900, 30,000, 26.3%
Royal Bank of Scotland / ABN AMRO - 7,000, 28,000, 25%
WestLB - 1,530, 6,120, 25%
Fortis / ABN AMRO Asset Management - 490, 2000, 24.5%
Thomas Weisel Partners - 160, 800, 20%
UBS - 4,380, 22,000, 19.9%
Bank of America - 3,650, 20,000, 18.2%
Lehman Brothers - 5,000, 30,000, 16.6%
Mizuho Financial Group - 300, 2,000, 15%
Morgan Stanley - 5,400, 47,050, 11.4%
Jefferies & Co - 250, 2,200, 11.3%
Fitch Ratings - 130, 1,400, 9.2%
Credit Suisse - 1,800, 20,000, 9%
Merrill Lynch - 5,600, 63,100, 8.8%
Fidelity International - 170, 2,000, 8.5%
Dresdner Kleinwort - 450, 6,000, 7.5%
HSBC - 1,800, 25,000, 7.2%
Goldman Sachs - 2,200, 32,000, 6.8%
JPMorgan - 1,620, 25,000, 6.48% (Speculation is rife that the firm will layoff up to 4,000 more bankers soon).
Bank of Montreal (BMO Nesbitt Burns) - 150, 2,400, 6.25%
Moody's Investor Services - 180, 3,000, 6%
Thomson Reuters - 2,500, 50,000, 5%
Henderson Global Investors - 45, 980, 4.6%
Nomura Holdings - 440, 10,000, 4.4%
CIBC World Markets - 100, 2,600, 3.8%
Daiwa SMBC Europe - 25, 800, 3.1%
Deutsche Bank - 600, 20,000, 3.0%
Barclays Capital - 320, 16,200, 1.9%
BNP Paribas - 145, 13,000, 1.1%
SG Corporate & Investment Banking - 110, 10,500, 1%
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