MacroScope

Financial headcounts stabilize in 2009

By Reuters Staff
February 25, 2010

After financial firms slashed hundreds of thousands of jobs in 2007 and 2008, the bloodletting slowed in 2009 as major banks rebounded from the financial crisis. Even though firms like Goldman Sachs Group Inc and JPMorgan Chase & Co reported billions of dollars in profit, they still did not announce major hiring initiatives.

Recession layoffs Headcount (end 2008) Headcount (end 2009)
Bank of America 45,000 240,202 283,717*
Citigroup 75,000 323,000 265,000
Goldman Sachs 4,800 34,500 32,500
J.P. Morgan 23,700 224,961 222,316
Morgan Stanley 8,680 45,295 61,388*
UBS 19,700 77,783 65,233
Credit Suisse 7,320 47,800 47,600
Barclays 9,050 152,800 144,200
Deutsche Bank 1,380 80,456 77,053
Santander 2,600 170,961 169,460

* Includes additional employees from Morgan Stanley Smith Barney merger and Bank of America’s merger with Merrill Lynch, both of which were completed in 2009 (Steve Eder and Steve Slater)

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