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So, who's made the most redundancies?
17 June 2009By Sarah Butcher
CIBC has an interesting little chart (reproduced below) showing who's made the most redundancies since August 2007.
Needless to say, in absolute terms the 75,000 job cuts at Citigroup stand out as the most swingeing. However, as a percentage of August 2007 headcount, the largest elimination has been at UBS, which has removed 24% of its staff.
Goldman and Morgan Stanley have made redundancies equivalent to 16% and 19% of their August 2007 headcount, but they've been hiring too - their numbers were down only 7% and 3% respectively at the last count. And Credit Suisse and Deutsche Bank both have more staff now than they did when the crisis began.
COMMENTS
Successful, Trading, Wed 17 Jun 09
We have more employees now than before Aug 07?! Waaah?! Need another few rounds of redundancies, still too many sub-par people here.
Add your comment »Curious, Hedge Funds, Wed 17 Jun 09
Quite a few of the firms seem to have more employees now than they did previously!
Add your comment »Sarah, Editor, eFinancialCareers, HR & Recruitment, Wed 17 Jun 09
@Curious - most of the others that have added headcount have done so as a result of acquisitions.
Add your comment »Exleh, Risk Management, Wed 17 Jun 09
This is kinda pointless without figures for the banks normal staff turn over. The results are skewed.
Add your comment »Curious, Hedge Funds, Wed 17 Jun 09
In that case the results are quite meaningless
Add your comment »DerivativesBOY101, Derivatives, Wed 17 Jun 09
Isnt it more interesting to do an article on who has actually hired since July 07?
Add your comment »Douche Banker, Investment Banking / M & A, Wed 17 Jun 09
Again - Deutsche the place to be!
Add your comment »BODude, Accounting & Finance, Wed 17 Jun 09
i know jpm is aggressively cutting, even though they are doing relatively well, especially with the Rates business.
Add your comment »exleh, Risk Management, Wed 17 Jun 09
JP are just cutting due to the fact they picked up about 12 companies last year.
Add your comment »gharandoyle, Thu 18 Jun 09
In this time of turmoil I am not sure that all the figures above are relevent. Those companies that have cut and not merged (UBS, CS, ING, Citi etc) its interesting to see the scale of bloodletting.
When you get to merging companies however the figures are impossible to decipher...