For Whom The Bell Tolls
The first in a new “series” on Boom2Bust.com, similar to “Signs Of The Time” and “Weird Housing Tales.”
Bloomberg’s Yalman Onaran tallied up the job losses so far on Wall Street since July 2007, when securities firms started letting go mortgage-related personnel:
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 positions lostSome company names have been abbreviated.
*Goldman Sachs said on January 25 that its job cuts reflected the firm’s policy of weeding out underperformers.
Onaran noted that after the Internet bubble burst, 39,800 jobs were eliminated during the same period. The Securities Industry and Financial Markets Association said this number climbed to 90,000 over the next two years. Jo Bennett, a partner at New York-based executive search firm Battalia Winston International, told Bloomberg:
This crisis is much worse than 2001 and we don’t know how long it’s going to last.
She added that job cuts “could be more than 100,000 in a few years,” as a number of Wall Street firms “haven’t fully disclosed their job cuts because they don’t want to appear financially weak.”
Source:
“Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust”
Yalman Onaran
Bloomberg, March 24, 2008
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