CIBC has an interesting little chart (reproduced below) showing who’s made the most redundancies since August 2007.
Needless to say, in absolute terms the 75,000 job cuts at Citigroup stand out as the most swingeing. However, as a percentage of August 2007 headcount, the largest elimination has been at UBS, which has removed 24% of its staff.
Goldman and Morgan Stanley have made redundancies equivalent to 16% and 19% of their August 2007 headcount, but they’ve been hiring too – their numbers were down only 7% and 3% respectively at the last count. And Credit Suisse and Deutsche Bank both have more staff now than they did when the crisis began.