announced 382,880 job cuts since August 2007 when the credit crisis began to
intensify. Following is a list of the deepest job cuts at major companies:
Company Jobs Headcount Latest
cut before Aug 07* headcount**
----------------------------------------------------------------------------
American Express (AXP.N) 11,000 Unavailable Unavailable Bank of America (BAC.N) 45,500 195,675 284,802 (March 31)(Includes 30,000-35,000 jobs to be slashed over three years after the
purchase of Merrill Lynch and 7,500 jobs to be cut over the next two years
after the acquisition of Countrywide Financial Corp)
Barclays (BARC.L) 9,050 127,700 156,300 (Dec. 31)(Includes 3,000 cuts after the acquisition of Lehman Brothers businesses)
Citigroup (C.N) 75,000 361,000 309,000 (March 31) Commerzbank (CBKG.DE) 9,500 35,384 64,707 (March 31)(All layoffs announced after the acquisition of Dresdner Bank)
Credit Suisse (CSGN.VX) 7,320 45,600 46,700 (March 31) Deutsche Bank (DBKGn.DE) 1,380 75,140 80,277 (March 31)Fidelity Investments 4,000 Unavailable 40,000 (April 15)
Fidelity National
Financial Inc (FNF.N) 4,100 Unavailable 13,680 (March 31)(Includes 1,500 cuts after purchase of three title insurers in December)
First American (FAF.N) 5,460 38,000 32,700 (Dec. 31)*** Goldman Sachs (GS.N) 4,800 29,905 27,898 (March 27) HSBC (HSBA.L) 16,350 312,577 312,866 (Dec. 31) ING (ING.AS) over 7,000 119,097 114,035 (March 31) J.P.Morgan (JPM.N) 23,700 179,664 219,569 (March 31)+(Includes 7,600 cuts announced after the purchase of Bear Stearns and up
to 14,000 layoffs announced in 2009)
Lehman Brothers 12,570 N/A N/A
(Number made up of about 6,000 job cuts made before the bank collapsed in
September and an estimated 10,500 left jobless after the bank collapsed
-- about 8,000 others were transferred to Nomura and 10,000 to Barclays)
Lloyds (LLOY.L) 3,595 66,000 58,756(Includes nearly 3,000 cuts since takeover of HBOS in early 2009)
Merrill Lynch 3,300 61,900 N/A
(Layoffs before takeover by Bank of America closed on Jan. 1)
Morgan Stanley (MS.N) 8,680 45,845 44,616 (March 31)National City Corp 7,400 32,445 N/A
(Layoffs before National City Corp merged with PNC on Dec. 31)
Nomura (8604.T) 1,530 16,854 25,626 (March 31)(Includes 1,000 jobs cut after the acquisition of Lehman Brothers units)
PNC Financial
Services (PNC.N) 5,800 28,054 59,000 (April 23)(Job cuts at the combined group are due to be completed by 2011)
RBS (RBS.L) 15,250 135,400 174,000 (Dec. 31)++ Santander (SAN.MC) 2,600 135,922 181,166 (March 31) State Street (STT.N) 1,800 24,500 27,500 (March 31) UBS (UBSN.VX) 19,700 81,557 76,200 (March 31) UniCredit (CRDI.MI) 9,000 135,880 170,732 (March 31)+++* Estimate based on earnings reports and management statements
** Headcount effective on the date in brackets
*** Estimate
+ Includes 38,211 staff from the acquisition of Washington Mutual
++ Includes employees from ABN AMRO acquired in October 2007
+++ Includes staff from Ukrsotsbank acquired in January
Source : Reuters
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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