Cumulatively, the 11 largest firms to disclose the size of their workforce at the end of Q3 grew by nearly 15,000 employees from the end of the second quarter.
Of the 11, only Goldman Sachs and Morgan Stanley reduced headcount, and Credit Suisse’s staff stayed static.
JP Morgan had the biggest uptick, with almost 6,000 more employees.
Investment bankers on the whole are hanging on:
“The total number of staff at the investment banking units of the five banking groups that broke out the numbers was 100,257 at the end of the third quarter. This was only slightly down from 101,101 at the end of the second quarter.”
According to eFinancialNews, the reality behind the numbers is “seasonal hiring” of trainees—and laid off workers not yet showing up in the data.
The other grain of salt is a doozy:
“Barclays, HSBC, BNP Paribas and Societe Generale did not provide comparative figures.”
The axe is still going to fall. Now check this out: BofA Employees Are Desperately Trying To Jump Ship But It Might Not Be The Best Idea >>