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
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