Global banks announce close to 110,000 job cuts

Monday, 7 November 2011 00:02 - - {{hitsCtrl.values.hits}}

Banks are shedding jobs worldwide as stricter regulations and a tough six months for trading income take their toll on investment banking units.

Switzerland’s Credit Suisse said this week it was cutting another 1,500 jobs on top of an earlier round of 2,000 layoffs.

Dutch financial services group ING added to the tally with 2,700 jobs, most of those permanent positions.

Japan’s Nomura is also looking to slash over 1,000 jobs, a source with knowledge of the matter said. The layoff plans brings staff cuts announced this year or reported to be in the works at major banks to 109,000, some of them to be lost over three- or four-year programmes. The job cut estimates are likely to be conservative figures, as not all banks trimming teams have publicly announced lay-offs, and the number does not take into account smaller investment banks, boutiques and brokers.

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