When Will It End? Banking Layoffs Keep Coming

by Derek Loosvelt | December 04, 2008

It’s not even noon and already it’s been revealed that four banks are making significant layoffs.

Credit Suisse is slashing 5,300 or 11 percent of its staff, Nomura (the proud owner of Lehman’s overseas ops) is cutting about a grand in the U.K., the not-so Royal Bank of Scotland is rumored to be making more than 2,000 redundant and, in perhaps the worst news of all, New York-based middle market investment bank Jefferies has started to reduce its headcount by 10 percent, signaling that what had previously thought to be a relatively safe little sector of the banking industry—the middle market—is certainly not immune to the tornado of cuts sweeping the industry, and just about every other industry as well.

To keep track of all the downsizing, check this out: Vault’s layoff tracker, which is, unfortunately, being updated several times a day.

Filed Under: Finance


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