No Respite from the Grim Reaper
Financial services layoffs are continuing apace, with a wide range of firms making moves this week. They include substantial workforce reductions at Credit Suisse (affecting mostly investment bankers), State Street Corp., the combined Nomura/Lehman Brothers operation in London, and Washington Mutual's former headquarters in Seattle. Also hit: hundreds of commodity traders at Constellation Energy, and recruiting positions at global headhunter Michael Page International.
Credit Suisse says it's eliminating 5,300 investment banking jobs, or about 11 percent of its worldwide headcount, by the middle of next year. However, the bank continues to expand in global private banking and in its Swiss businesses.
Nomura reportedly plans to slash 1,000 London jobs, about 20 percent of its staff there, as it integrates its purchase of Lehman Brothers' European operations. About two-thirds of the casualties are Lehman employees, according to the Financial Times.
State Street Corp. says it's eliminating 1,600 to 1,800 positions - about 6 percent of its global workforce - by March 2009. About two-thirds of the cuts will occur within North America.
JPMorgan executives placed the layoff toll from absorbing Washington Mutual at 9,200 jobs, or about 22 percent of the failed bank's workforce of 42,000.
Constellation Energy Group told employees it's laying off more than 800 people, most from its commodities trading division. That represents 8 percent of Constellation's work force, says the Baltimore Sun.
Michael Page International, the global recruiting firm with many hedge fund clients, is cutting its own staff in response to weak market conditions and a broad slowdown in recruiting activity .