Banking Layoffs 2008: The Definitive Job Loss League Table (Updated)
October 20, 2008 Redundancy TrackBack URLOver the summer, I wrote about the job loss league compiled by the Here In The City site. They have recently updated the table - below are the 10 banking groups who have laid off the most staff as measured by % to total work force:
Bear Stearns – 7,500 job losses, 14,000 financial markets jobs, 53.5% of the total
Lehman Brothers – 14,500, 30,000, 48.3%
Wachovia – 1,400, 3,900, 35.8% (Wachovia’s new owners, Wells Fargo, is thought unlikely to want to have to deal with an investment banking business in the current environment. The smart money thinks that the unit will either be sold of pared back)
CitiBank - 7,900, 30,000, 26.3%
UBS – 5,800, 22,300, 26%
Royal Bank of Scotland / ABN AMRO – 7,000, 28,000, 25% (The recent ‘part nationalization’ of RBS is thought likely to result in significant additional headcount reductions at the Global Markets & Banking Division).
WestLB – 1,530, 6,120, 25%
Fortis / ABN AMRO Asset Management – 490, 2000, 24.5%
Perry Capital – 20, 100, 20%
Ramius LLC – 40, 200, 20%
To see the full league table, click here
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October 22nd, 2008 at 5:14 pm
Despite the layoff news, I see thousands of high paying jobs posted on employment sites –
http://www.linkedin.com (networking for professionals)
http://www.indeed.com (aggregated listings)
http://www.realmatch.com (jobs matched to your skills)
Those laid off will find new jobs…maybe better ones!