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Bank layoffs: J.P. Morgan, Goldman Sachs, Standard Chartered and more

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Published December 2, 2008 at 9:01 AM
pinkslip.gifWith the recession official, banks are trimming back. Tuesday many banks announced more layoffs. See the latest announcements after the jump.

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Many U.S. banks are trimming back before the end of the fourth quarter.
  • J.P. Morgan Chase & Co. will lay off 9,200 or 21% of Washington Mutual Inc.'s employees by the end of 2009. Around half of the layoffs will be before the end of January.
  • Bank of America Corp. is expected to cut about 10,000 investment banking jobs at in its combination with Merrill Lynch & Co., according to CNBC.
  • Goldman Sachs Group Inc. has cut its Dubai-based work force, a bank official told the Gulf Times.

International banks are also announcing layoffs.
  • Credit Suisse Group said it was cutting 650 jobs.
  • HSBC Holdings plc said it was cutting 500 jobs at its British banking business and will cut 200 jobs in Hong Kong, according to the International Herald Tribune.
  • Standard Chartered plc is trimming 572 jobs at its main office in South Korea and 200 in Hong Kong.

Fortunately, there are jobs out there for bankers who are looking for work. The Deal's Career Center has some of the latest opportunities in the market. - Maria Woehr

Also see:
Layoff roundup: WaMu, Barclays and BoNY
The latest layoff roundup: Citigroup, J.P. Morgan, Nomura, Fidelity, HSBC and more
More bank layoffs announced
Another round of bank layoffs



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Comments

From: Benjamin Wright,

The world is different today compared to the past (compared to even just a year ago). The constant march of technology makes it possible for a smaller work force to do virtually the same job as a larger workforce. As white collar employees are handed pink slips, an employer like a bank (WaMu, Bank of America) or a brokerage may be prudent to generously retain their e-mail records. The records are a valuable asset to the employer, relating to intellectual property, project management, customer relationships and more. --Ben

Posted on: December 2, 2008 10:57 AM


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