We Are Experiencing Some Mild Turbulence
The following table shows jobs eliminated by the biggest banks and securities firms since the collapse of the subprime mortgage market in July 2007. The figures are based on company disclosures. Bloomberg.com
Firm Positions Cut
Citigroup 6,200
Lehman Brothers 4,990
Bank of America 3,650
Morgan Stanley 2,940
Washington Mutual 2,600
Merrill Lynch 2,220
HSBC 1,650
Bear Stearns 1,550
WestLB 1,530
UBS 1,500
Goldman Sachs 1,500*
National City 900
Credit Suisse 820
Royal Bank of Canada 500
Fortis 500
Wells Fargo 500
Wachovia 443
Deutsche Bank 370
JPMorgan Chase 100
TOTAL 34,463
Oh, and these numbers don’t include any of the anticipated layoffs at Bear Stearns following the JPM acquisition agreement, or the 15% of Goldman capital markets, banking, and underwriting that are getting cut.