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Bank to axe 35,000 staff
Hugo Duncan12 Dec 2008
THE CITY and Canary Wharf were hit by a fresh wave of job cuts today after Bank of America announced plans to axe 35,000 staff.
The company is cutting 11 per cent of its global workforce of 308,000 over the next three years following its emergency takeover of Merrill Lynch.
It could mean the end for around 1,000 bankers in London.
Merrill employs 6,000 staff in the Square Mile while Bank of America has 2,000 people at its European headquarters in Docklands. The bank blamed "the weak economic environment", which has seen business dry up. It has lost billions of dollars in the credit crunch.
Financial firms have announced more than 250,000 jobs cuts around the world this year.
Some estimates suggest 100,000 or more banking jobs could go in London before the crisis is over.
Citigroup recently announced 52,000 job cuts around the world including up to 1,000 in Canary Wharf. Other cuts in London have included 600 at Goldman Sachs and 580 at Credit Suisse.
Reader views (3)
This credit crunch is as result of mismanagement by central banks and likes of Uncle Alan Greenspan . Its shame that ordinary bank employees suffer while these so called top bankers go unscathed .
Surely where is the justice ?
- Kishor, LONDON, 13/12/2008 22:04
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we can stop this credit crunch within a year and we can give good job for the unemployed.with that our government can earn billions of money.but i dont know with whom we want to talk.
all financial institution and ministry always busy ?
- Riyal Mohammed, woolwich,london, 12/12/2008 22:20
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Before I say good riddance, Im sure we are going to have the usual whiners saying its only the low level admin/support and IT jobs that are going and not the greedy piggies that screwed up. Can anyone in the banking industry spill the beans or has the cat bit your tongue?
- Dc, London, 12/12/2008 15:35
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