Approaching a Quarter of a Million Finance Jobs Lost
The numbers are staggering on the numbers of job losses in the global financial services industry this year. Citigroup Inc., France's BNP Paribas SA and Bank of America Corp. slash jobs to reduce costs.
Citigroup is the U.S. that made plans to cut as a many as 3,000 jobs as Chief Executive Officer Vikram Pandit begins to trim the meat, not just the fat. BNP Paribas is France's largest bank that said it will hack 1,400 jobs at its investment banking unit. Most of the jobs removed will be from the bank's capital markets and structured finance teams. Finally, yesterday, Bank of America announced major cuts in its equities unit in Europe.
The jobs last two days add to the 195,000 banks, insurers, and asset managers announced this year, and surpass the 174,000 losses in 2009, according to Bloomberg data. Banks are slashing jobs as the Euro Debt Crisis deteriorates.
Nomura Holdings Inc. is making plans to fire people in London, Hong Kong and Japan this week. Nomura is Japan's largest brokerage is doing the move to reduce costs after suffering a loss in profits in the first quarter.
Job losses this high are unlikely to be returning any time soon.