Financial firms have somehow come to a consensus that they should layoff around 10% of their workforce. The ubiquity of this 10% figure is odd given the unique challenges faced by very different financial firms. And it is probably too little for most firms, where business is down far more than 10%.
Here’s a wrap of this morning’s layoff news.
- Credit Suisse laying off around 11%, most in investment banking. It plans to cut 5,300 jobs, largely from the investment banking unit that helped create a $2.5 billion loss.
- Japan’s Nomura Holdings said it was firing 1,000 bankers in London.
- Jefferies Group Inc announced plans to lay off 13%, or 300, of its work force across the board before the end of the year.
- JP Morgan slashed its European merger arbitrage desk. A source tells us everyone, including a group from Bear Stearns, was fired. The head of the desk was let go. Only one guy left.
The total number of financial industry layoffs since September is estimated to be around 100,000.
[Editor’s note: Been laid off? Hearing rumours of layoffs? Get in touch. We love this stuff. Email us at [email protected] or text 646-526-3327. We’d also appreciate details about severance and the like.]