Bear Stearns today announced that it’s slashing 310 jobs, which comes less than 24 hours after Credit Suisse said that it was printing up another 170 pink slips. And on top of all that, the Manhattan Institute says that two “indirect” jobs will be lost for every laid off banker.
So it only seems appropriate that we do a quick roundup of the carnage to date:
Bear Stearns: Today announced 310 layoffs, which represents 2% of the company’s entire workforce. This is on top of an August cut of 240 jobs, and means that it has laid off two-fifths of its entire mortgage business in 2007.
Credit Suisse: Last week announced 150 layoffs, mostly in its mortgage-backed securities group. Today, it added another 170 – with about half of that coming from its fixed income department, plus some folks who deal with commercial mortgage-backed securities.
UBS: On Monday announced that it would cut 1,500 jobs, or 7% of its total workforce. Most of this is coming in London, but some also in the U.S. Among the departed is I-banking chief Huw Jenkins and I-bank CFO Clive Standish.
Morgan Stanley: Yesterday announced 600 pink slips for its residential mortgage business, which represents about a quarter of the unit. Most is coming in the U.S., but it’s also making cuts in Europe.
Merrill Lynch: Yesterday canned fixed income chief Osman Semerci and structured credit products head Dale Lattanzio. That’s it so far, but Merrill doesn’t report Q3 earnings this week. In other words, the can is simply being kicked down the road a bit.
Lehman Brothers: A total of 2,050 cuts announced in August and September. The first group of 1,200 due to the closure of Lehman’s sub-prime mortgage unit, while most of the other 850 came from Aurora Loan Services, which focused on borrowers with slightly better credit (so-called Alt-A loans).
HSBC: Shutting its Decision One Mortgage unit, which employs 750 people.
Deutsche Bank: It’s not doing much hiring, but it’s also not doing any firing. That would be termed good news in today’s environment.
Bank of America: Said it plans to lay off 4,000 employees, as part of its recent acquisition of LaSalle Bank. It says that these are its only planned layoffs. Some consolation to the 4,000…
Citi & J.P. Morgan: Code of silence, so far…