Wednesday, December 3, 2008

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Bank layoffs: J.P. Morgan, Goldman Sachs, Standard Chartered and more

Source: The
With the recession official, banks are trimming back. Tuesday many banks announced more layoffs. See the latest announcements after the jump.

Many U.S. banks are trimming back before the end of the fourth quarter.
J.P. Morgan Chase & Co. will lay off 9,200 or 21% of Washington Mutual Inc.'s employees by the end of 2009. Around half of the layoffs will be before the end of January.
  • Bank of America Corp. is expected to cut about 10,000 investment banking jobs at in its combination with Merrill Lynch & Co., according to CNBC.
  • Goldman Sachs Group Inc. has cut its Dubai-based work force, a bank official told the Gulf Times.

International banks are also announcing layoffs.
-German-based bank, Bayerische Landesbank, plans to slash 5,600 jobs.
-Credit Suisse Group said it was cutting 650 jobs.
-HSBC Holdings plc said it was cutting 500 jobs at its British banking business and will cut 200 jobs in Hong Kong, according to the International Herald Tribune.
-Standard Chartered plc is trimming 572 jobs at its main office in South Korea and 200 in Hong Kong.
-Royal Bank of Scotland Group plc and Macquarie Group Ltd. are eliminating a combined 260 jobs in Hong Kong, according to the China Morning Post. Royal Bank of Scotland is eliminating 3,000 jobs in its investment banking division. Rumor is that 250 cuts will be in the bank's division in India.


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