Wall Street Firms Cut 34,000 Jobs, Most Since 2001 .Com Bust
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InFlames20
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Joined: 01 Feb 2008
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 Posted: 03/31/08 - 10:08 Post subject: Wall Street Firms Cut 34,000 Jobs, Most Since 2001 .Com Bust |
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Wall Street banks hit by mortgage losses and writedowns have cut more than 34,000 jobs in the past nine months, the most since the dot-com boom fizzled in 2001.
“This crisis is much worse than 2001 and we don't know how long it's going to last,” said Jo Bennett, a partner at executive search firm Battalia Winston International in New York. Job cuts “could be more than 100,000 in a few years.”
Goldman Sachs Group Inc., the biggest U.S. securities firm, said in January that it may fire 1,500 people to weed out underperformers. On March 18, Chief Financial Officer David Viniar said headcount was unchanged during the first quarter and might grow in the ``low to mid-single digits'' this year, mostly because of hiring outside the U.S.
Unfortunately, several other firms are sharing similar thoughts.
This is a list of firms with numbers of position cuts.
Firm --- Positions Cut
Citigroup --- 6,200
Lehman Brothers --- 4,990
Bank of America --- 3,650
Morgan Stanley --- 2,940
Washington Mutual --- 2,600
Merrill Lynch --- 2,220
HSBC --- 1,650
Bear Stearns --- 1,550
WestLB --- 1,530
UBS --- 1,500
Goldman Sachs --- 1,500
National City --- 900
Credit Suisse --- 820
Royal Bank of Canada --- 500
Fortis --- 500
Wells Fargo --- 500
Wachovia --- 443
Deutsche Bank --- 370
JPMorgan Chase --- 100
_____
TOTAL --- 34,463
Some company names have been abbreviated.
Source of the news: Bloomberg |
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