Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts
By Kevin Spak,  Newser Staff
Posted Jul 19, 2012 8:48 AM CDT
Big Banks Slashing More Jobs
People walk by a Bank of America branch office on July 18, 2012 in San Anselmo, California.   (Getty Images)

Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs, said it wanted to cut another $3 billion from its investment and commercial banking units by 2015. It didn't specify how many jobs would go, but experts expect it to be in the thousands.

Credit Suisse, meanwhile, raised its cost-cutting target by 50%, to $3.06 billion. And they're far from alone. In the face of jittery markets, the top six financial firms—including Goldman Sachs, Wells Fargo, Morgan Stanley, and Citigroup—have cut more than 18,000 jobs combined in the past year. Only JPMorgan has been hiring. "People are desperate to try and get their expenses under control," says one private equity investor. (More Bank of America stories.)

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