Global Banks Poised to Slash 101,000 Jobs in Fastest Reductions Since 2008

It hasn't been one week since the market meltdown, and the slashing is already taking place....

Global Banks Poised to Slash 101,000 Jobs in Fastest Reductions Since 2008 - Bloomberg

The biggest global banks are cutting jobs at the fastest rate since 2008 as a weak U.S. economy squeezes revenue, regulators push firms to hold more capital and companies restructure businesses to improve profitability.

The 50 largest banks, including HSBC Holdings Plc (HSBA), Credit Suisse Group AG (CSGN) and Bank of America Corp. (BAC), disclosed plans for almost 60,000 reductions since Jan. 1, according to company statements and data compiled by Bloomberg Industries. At that pace, they'll cut more than 101,000 jobs this year -- the most since 192,000 positions were targeted in 2008 amid loan losses, a global credit crunch and unprecedented government bailouts.

HSBC's aim to shed 30,000 workers, unveiled by the London- based firm on Aug. 1, was the single biggest job-cutting announcement since Bank of America said in December 2008 that it would eliminate as many as 35,000 positions, the data show.

http://www.bloomberg.com/news/2011-08-08/global-banks-poised-to-slash-101-000-jobs-in-fastest-reductions-since-2008.html

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