The world's largest investment banks shed nearly 6% of their staff between June 2011 and June 2012, cutting headcount by roughly 10,000. The expected cuts would only add to the carnage.
The Swiss bank last year announced plans to cut roughly 1,600 jobs before the end of 2013, but has already reached its headcount target.
A new competition has broken out among financial analysts and advisory firms: Who can estimate the highest number of anticipated job cuts soon to hit Wall Street?Ĭonsulting firm Roland Berger notes that the i-banking sector may need to purge as many as 75,000 additional jobs in the next five years to counteract dwindling revenues and lower returns on equity.Īnalyst Meredith Whitney, speaking on Bloomberg Television's " Bloomberg Surveillance,” later estimated that as many as 100,000 Wall Street jobs may be on the chopping block “in the foreseeable future” due to across-the-board revenue misses.īoth firms got a bit closer to hitting their targets when Bloomberg reported early Wednesday that UBS is set to cut as many as 90 junior- and senior-level positions within its European investment banking division by the end of 2012.
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