LayoffBlog.com

January 23, 2009

Fresh UBS job cuts suggest more to come for sector

According to Reuters (ZURICH/LONDON): “A new round of job cuts at Swiss bank UBS AG two months after an earlier cull shows thousands more bankers may be on their way out as investment banks struggle with a crisis critics say they helped cause.”

Analysts at JP Morgan said they expect UBS to reduce its investment banking headcount by another 1,100 by the end of 2010, with Deutsche Bank cutting 4,000 investment bankers and Credit Suisse, which slashed in December 5,300 jobs, about 200.

“We expect staff levels in 2009 to be adjusted to 2005 levels, with revenues in 2010 to match 2002-03 levels,” they said.

News submitted by Alan Clegg

December 5, 2008

Less Bars in Less places: AT&T to eliminate 12,000 jobs

According to Market Watch: “AT&T Inc. on Thursday said it would cut 12,000 jobs, or 4% of its workforce, and spend less on new equipment in 2009 in response to a weakening economy.
The Dallas-based phone giant, which had 303,000 employees at the end of the third quarter, becomes the latest corporate bellwether to announce major layoffs. Also on Thursday, DuPont, Viacom and Credit Suisse said they would cull jobs.”

Update: AT&T Layoffs: The Tip of a Telecom Downturn

December 2, 2008

HSBC, Credit Suisse to cut 1,150 jobs

Press Trust of India / UK, London: “Amid the ongoing economic crisis, the banking sector continues to be hit by mass layoffs with financial service major Credit Suisse and HSBC announcing additional 1,150 job cuts, a media report says.

According to the Financial Times, Credit Suisse will be trimming its workforce by 10 per cent leading to job loss for 650 employees, while HSBC said it was slashing 500 jobs.
Credit Suisse has been impacted by the loan writedowns, which has led to two quarters of losses for Switzerland’s second-largest bank this year, the report said.
A majority of the jobs at Credit Suisse would be cut in the investment banking and the support functions segment.”

“Earlier, HSBC said that it would cut 500 jobs in Asia as part of a shake-up of its global banking and markets division.

Besides, Citigroup had also announced it was shedding 52,000 staff worldwide, while Royal Bank of Scotland plans to cut about 3,000 jobs in its investment banking division.”

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