Layoffs Looming at Wall Street’s Big Banks

by Alyssa Oursler | August 16, 2012 12:17 pm

JPMorgan Chase (NYSE:JPM[1]) is an anomaly on Wall Street these days — it’s job force is growing.

Overall, though, big banks trimmed their numbers big time last year, cutting around 75,000 people.

And this year, the cuts keep on coming. By the start of 2013, Wall Street banks are expected to have anywhere from 10% to 15% fewer employees than they did at the start of this year, CNNMoney.com reports[2].

Check out the many banks slashing their workforces:

• Deutsche Bank (NYSE:DB[3]) is on tap to cut 1,900 people[4] from its staff in order to reduce expenses by $3 billion.
• Goldman Sachs (NYSE:GS[5])has an unknown number of lay-offs looming, on top of the 10% cutback in employees that’s taken place over the past year and a half.
• Credit Suisse (NYSE:CS[6]) and UBS (NYSE:UBS[7]) each announced job cuts of 3,500. The former’s is an attempt to cut[8] $1 billion of its costs.
• Bank of America (NYSE:BAC[9])– part of InvestorPlace’s Real America Index[10] — is also in the middle of lay-offs that were announced late last year — a whopping 30,000 cuts.
• Morgan Stanley (NYSE:MS[11]) is also in the middle of executing plans announced last year[12] that will cut 7% of its staff for a total of around 4,000 cuts.
• Citigroup (NYSE:C[13]) is also trying to control expense by slashing its workforce. The company announced last December the lay-off of 5,000-workers and another recent plan to slash 350 more from its investment banking division.

Source URL: https://investorplace.com/2012/08/layoffs-looming-at-wall-streets-big-banks/

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