Enjoy August. Come autumn, layoffs will hit Wall Street like an automatic weapon.
With recession outlooks seeming more plausible than ever and banks struggling in the new regulatory environment, banks need to get stronger and raise capital, according to BusinessInsider reports. Nearly every firm is planning to lay off thousands.
UBS: Number of people cut so far: Unknown
Unit affected: IT staff, investment banking, asset management and wealth managementLocation of layoffs: Switzerland and globally Number of people expected to be laid off: 500 in IT; 8,500 globally
Bank of America: Number of people cut so far: Unknown
Unit affected: Investment banking, trading and possibly other units. Location of layoffs: NationwideNumber of people expected to be laid off: Over 10,000 (3,500 this quarter)Reason for layoffs: It's part of a major re-organization known as "Project New BAC.
HSBC: Number of people cut so far: HSBC cut 700 jobs in its UK retail banking arm in June.
Unit affected: Retail operations, credit card arm and possibly other units.Location of layoffs: Europe and U.S. Number of people expected to be laid off: 30,000 Reason for layoffs: The bank is also taking cost-cutting measures. While it is firing up to 30,000, the bank plans to hire 3,000 to 4,000 in emerging markets....
Read more: http://www.businessinsider.com/wall-street-layoffs-7-2011#hsbc-3#ixzz1VvHUEqvz
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