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Even the Saudi Arabian Warren Buffett didn't help Citi much -- will being 50,000 employees lighter?

JP Morgan announced Thursday that it would be cutting 3,000 positions in their investment banking division. Combined with Citigroup's announcement of a 20% cut earlier this week, it sent shock waves through the equity markets (not to mention the MBA job market) -- even a vote of confidence by the Saudi Arabian Warren Buffett could not stem the decline.

Here's a summary of recent announcements. After the jump, the chart itself.

Date AnnouncedCompanyLayoffsDivisionsRumored/Planned/Confirmed
November 20JPMorgan3000Investment bankingConfirmed
November 19Deutsche Bank900Global marketsPlanned
November 17Citigroup52000AllConfirmed
November 17HSBC500Asian officesConfirmed
November 14RBS3000Confirmed
November 14ANZ500Confirmed
November 13DBS900Hong Kong & ShanghaiConfirmed
November 12Morgan Stanley3000Institutional securities & asset management
November 5Merrill Lynch10000AllRumored
November 5Barclays3000AllPlanned
October 28Credit Suisse500US/UK investment bankingConfirmed
October 23Goldman Sachs3300AllConfirmed
October 6UBS2000Investment bankingPlanned
September 26HSBC1100Investment bankingConfirmed
September 1Commerzbank9000AllPlanned
Big ups to CNBC for compiling domestic announcements. Here Is The City has tabulated layoffs since August '07.

Other notes:

Bank of America/Merrill Lynch and Credit Suisse are on notice. Wells Fargo seems to have weathered the storm well, as have Canada (CIBC, Scotiabank, RBC, BMO), France (BNP Paribas, Societe Generale, Credit Agricole) and Japan (Mizuho, Nomura, Mitsubishi UFJ, Sumitomo Mitsui), but financial stocks in all three markets have recently taken a pounding. Moreover, analysts expect cuts stemming from recent acquisitions (Wachovia by Wells Fargo, Fortis by BNP Paribas Dresdner Kleinwort by Commerzbank, Merrill Lynch by Bank of America) as the combined companies try to cut their costs as quickly as possible.

With layoff announcements coming on almost a daily basis, will companies need to be more creative in order to distinguish themselves?

categories: News

6:47 - November 20, 2008

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