Guns that Fire
My dear friend Shreyans, who works at Lehman Brothers, pointed me to an interesting article detailing “job losses” at financial firms.
Citi – 7,900
Bear Stearns – 7,500
Merrill Lynch – 5,600
Lehman Brothers – 5,000
Morgan Stanley – 5,400
UBS – 4,380
JPMorgan – 4,000
Bank of America – 3,650
Goldman Sachs – 1,800
HSBC – 1,800
WestLB – 1,530
Credit Suisse – 1,500
Royal Bank of Scotland / ABN AMRO - 1,200 (Rumours abound that up to 25% of the combined 28,000 corporate and investment banking staff could eventually go)
Read full post here.
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The figures at Morgan Stanley surprise me as the numbers are at par with Merrill Lynch which was in far deeper waters than Morgan Stanley. Even Goldman Sachs cut the payroll by 1800 which makes me think as if it is one of the things you do when all others around you are doing the same. Or maybe everyone is making a cautious preparation by removing the load for days ahead !!!
