Bank Layoff Projections Are Now Over 100,000

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Banks are cutting jobs at the fastest rate since 2008, according to some very interesting Bloomberg data.The data compares 2011’s job cuts to 2008’s. The only good news is that it isn’t worse — yet. Remember this is only layoff projections. More could still be cut.

From the data:

  • The 50 largest banks will cut more than 101,000 jobs this year. In 2008, 192,000 jobs in the bank industry were cut.
  • The single biggest banking job cut ever was Bank of America’s cutting 35,000 jobs in 2008. HSBC’s recent announcement that it’s shedding 30,000 is the second-biggest ever.

Cuts so far:

(And don’t miss: Morgan Stanley to lay off 20% of research managing directors)

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