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.
|November 20||JPMorgan||3000||Investment banking||Confirmed|
|November 19||Deutsche Bank||900||Global markets||Planned|
|November 17||HSBC||500||Asian offices||Confirmed|
|November 13||DBS||900||Hong Kong & Shanghai||Confirmed|
|November 12||Morgan Stanley||3000||Institutional securities & asset management|
|November 5||Merrill Lynch||10000||All||Rumored|
|October 28||Credit Suisse||500||US/UK investment banking||Confirmed|
|October 23||Goldman Sachs||3300||All||Confirmed|
|October 6||UBS||2000||Investment banking||Planned|
|September 26||HSBC||1100||Investment banking||Confirmed|
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?