With all the pink slips being issued by banks, Wall Street is starting to look like it is covered in Pepto-Bismol. All of the firms seem to be downsizing due to the decrease in dealflow, leaving investment bankers to look for
other means of employment. But just how many investment bankers have been laid off? Trying to figure it out from the differing media reports may leave you searching for your own bottle of antacids.
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The New York Times' DealBook's 40-year history of banking layoffs claims that banks and brokerages have announced the dismissals of more than 83,000 employees worldwide with more to come.
Meanwhile a Reuters report Monday cites Challenger, Gray & Christmas Inc., which estimates the sackings at about 66,000 job cuts this year through May.
Jim Cramer writing for New York Magazine on June 15 estimated 42,000 dismissals. His number comes from an estimated worldwide total of 4,000 dismissals at Morgan Stanley, 5,000 at Merrill Lynch & Co., 7,000 at UBS and 16,000 at Citigroup Inc. Lastly, Bear Stearns Cos. let go of more than 10,000 of its 14,000 former employees.
In the past year, 22,000 New Yorkers who worked on Wall Street have lost their jobs, according to a May article of Crain's New York. Here's how they figured it out:
Announced cutbacks at securities firms
total worldwide followed by estimated number in New York City |
| Firm |
Total layoffs |
NYC layoffs |
| CITIGROUP INC. |
15,900 |
3,000 |
| BEAR STEARNS COS. |
9,200 |
7,000 |
| UBS |
7,000 |
1,000 |
| LEHMAN BROTHERS INC. |
6,400 |
2,000 |
MERRILL LYNCH & CO.
|
5,200 |
2,000 |
| MORGAN STANLEY |
4,400 |
2,000 |
| J.P. MORGAN CHASE & CO. |
4,100 |
1,500 |
| BANK OF AMERICA INC. |
3,700 |
1,000 |
GOLDMAN SACHS GROUP INC.
|
1,500 |
500 |
| WACHOVIA CORP. |
1,400 |
1,000 |
| CREDIT SUISSE GROUP |
1,300 |
750 |
DEUTSCHE BANK AG
|
500 |
250 |
| Total |
60,200 |
22,000 |
|
Source: Crain's New York, Bloomberg |
In addition, The Deal's own Carolyn Murphy did a great job of summing up all of the recently announced layoffs in a Dealwatch.
All in all, we understand it is a lousy time to be searching for a job, but The Deal's Corporate Dealmaker offers some advice from recruiters about various options for investment bankers looking for opportunities in the corporate world. For jobs in banking, visit The Deal's Career Center for the latest job postings. - Maria Woehr
