Banks announce 100,000 job cuts

New York: Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.

Bank of America on Monday said it would cut 30,000 jobs and slash annual expenses by $5 billion.

The layoff plan brings staff cuts announced this year or reported to be in the works at US and European banks to just under 100,000, some of them to be lost over three- or four-year programmes.

Many, including Royal Bank of Scotland, Lloyds Banking Group, Citigroup and Bank of America, had already cut thousands of jobs after the financial crisis.

This year's job cut estimates are also likely to be conservative figures, as not all banks trimming teams have publicly announced lay-offs, and the number does not take into account smaller investment banks, boutiques and brokers.

Following is a summary of cuts announced by major banks:

Jobs to be cut Total staff*

HSBC 30,000 295,995

BofA ML 30,000 287,839

LLOYDS 15,000 103,859

UBS 3,500 65,707

BARCLAYS 3,000 146,100

INTESA SANPAOLO 3,000 101,169

ABN AMRO 2,350 26,161

MONTE DEI PASCHI Di 2,200 31,201

SIENA NORDEA 2,000 34,169

RBS 2,000 148,300

CREDIT SUISSE 2,000 50,700

BANK OF NEW YORK MELLON 1,500 48,900

RABOBANK 1,200 59,000

BANCO POPOLARE 1,120 19,209

GOLDMAN SACHS 1,000 35,500

* According to latest available figure, usually end 2010 or mid-year reports

Source: Financial Express