4 Big Banks to Begin Next Round of Layoffs

by Angela Nazworth | July 20, 2012 5:40 pm

4 Big Banks to Begin Next Round of Layoffs

Big bankers once had it made. Huge salaries, bonuses and pension packages were the industry norm. Those days are now long gone … at least for the foreseeable future. Banks have been drastically slimming their headcounts for several years, and for the following large banks, more layoffs are just around the bend, International Business Times[1] reports.

Here are big banks that are or could be planning big layoffs.

Bank of America (NYSE:BAC[2]): On Wednesday, BofA announced its intention to cut costs by $3 billion annually in its investment-banking, commercial-banking and wealth-management units. These cuts will happen by 2015.

Goldman Sachs (NYSE:GS[3]): The mega bank also announced Wednesday its plans to cut more jobs that will affect some high-ranking employees.

Morgan Stanley (NYSE:MS[4]): Forecast projections from the nation’s sixth-largest bank hints that the firm could eliminate more than 4,000 jobs by the end of this year.

Citigroup (NYSE:C[5]): Bloomberg reported Thursday that the nation’s third-largest bank could cut about 350 more jobs this year. Citi already slashed about 2,000 jobs earlier this year.

Head over to International Business Times[1] to read more about the job cuts and about some other big banks that might be laying off more workers.

Endnotes:
  1. International Business Times: http://www.ibtimes.com/articles/365193/20120720/bank-cut-job-layoff-bac-jpm-wfc.htm
  2. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  3. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  4. MS: http://studio-5.financialcontent.com/investplace/quote?Symbol=MS
  5. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C

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