Biggest layoffs by investment banks this year

HSBC has announced job cuts as part of its plan to reduce cost by downsizing 30,000 employees by the end of next year. The bank also plans to sack over 300 India and also reportedly plans to cut jobs in Sri Lanka.

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Bank of America aims to cut 16,000 jobs by year’s end, in the latest move by the financial institution to trim expenses amid declining revenue. This move would bring Bank of America’s head count down to 260,000, and will end the company’s position as U.S. banking’s biggest employer.

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Zurich-based UBS has revealed plans to cut 10,000 jobs and to shut down its fixed income business. This move comes after its trading business lost $50 billion in the financial crisis and one suspected rogue trader losing $2.3 billion last year.

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By the end of this year, Morgan Stanley is cutting 4000 jobs or 7 percent of its workforce. The CEO James Gorman said the bank would consider its next round of cost cutting including pay and bonuses.

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Royal Bank of Scotland, Britain’s biggest government-owned lender, plans to cut 300 more jobs at its investment banking unit. The bank will remove 3,800 jobs by the fourth quarter of next year, compared with an earlier target of 3,500.

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In the first week of October, Credit Suisse notified New York regulators that it planned to lay off 78 employee apart from the announced 3500 job cuts late last year. In their second quarter’s conference call, the company’s executives said they plan to cut another $1 billion in cost cuts.

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Bank of France, the country’s central bank plans to cut up to 2,100 jobs in its branches by 2020 by largely not replacing staff who retire as part of a restructuring of its nationwide network. Bank of France Governor Christian Noyer reportedly mentioned that it was more important to improve productivity than to not replace all staff who retired.

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Earlier this year, ANZ warned to make 1000 jobs cuts. The bank downsized its workforce by more than 2,000 people and bad debt provisions are expected to rise during the year amid the softening economic outlook in Australia. ANZ also warned of challenging times ahead.

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Deutsche bank, as part of a cost cutting drive, plans to axe about 1900 jobs most of them outside Germany and 1,500 of the jobs will be cut in its corporate banking and securities divisions and in related infrastructure areas.

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With Pandit’s exit, Citigroup’s shares have tumbled down by 89 percent and have performed abysmally. Talks have been floating about more downsizing with Pandit’s departure. Around 350 jobs could be cut from the securities division. Citi’s new Chairman Michael O'Neill, is known to be a big cost cutter.

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The British bank, Barclays is set to cut 50 equities jobs to reduce costs. During the first half of the 2012, Barclays's equities and prime services business, which employs about 500 people, saw revenue fall 12 percent to $1.57 billion.

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