The big bank layoffs that began last summer with the euro zone crisis have not yet run their course.
In July, for example, Credit Suisse said it would increase its cost-cutting plans by 50% to 3 billion Swiss francs and reduce expensesin its private banking and investment banking divisions. Citigroup said in January it would shed 5,000 jobs over a few quarters and has completed 2,000 of them. At the end of July, Deutsche Bank said it would cut1,900 jobs by the end of the year. Meredith Whitney, who predicted in August 2010 that finance would lose 80,000 jobs over 18 months, has said that another 50,000 jobs on the Street are still set to be axed.
Through the year ended June 30, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Morgan Stanley and J.P. Morgan had cut 18,000 jobs, according to The Wall Street Journal.