Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.
Bank of America on Monday said it would cut 30,000 jobs and slash annual expenses by $5 billion.
The layoff plan brings staff cuts announced this year or reported to be in the works at U.S. and European banks to just under 100,000, some of them to be lost over three- or four-year programmes.
Many, including Royal Bank of Scotland , Lloyds Banking Group , Citigroup and Bank of America, had already cut thousands of jobs after the financial crisis.
This year's job cut estimates are also likely to be conservative figures, as not all banks trimming teams have publicly announced lay-offs, and the number does not take into account smaller investment banks, boutiques and brokers.
Following is a summary of cuts announced by major banks:
| Jobs to be cut | Total staff* | |
|---|---|---|
| HSBC | 30,000 | 295,995 |
| BANK OF AMERICA MERRILL LYNCH | 30,000 | 287,839 |
| LLOYDS BANKING GROUP | 15,000 | 103,859 |
| UBS | 3,500 | 65,707 |
| BARCLAYS | 3,000 | 146,100 |
| INTESA SANPAOLO | 3,000 | 101,169 |
| ABN AMRO | 2,350 | 26,161 |
| MONTE DEI PASCHI DI SIENA | c.2,200 | 31,201 |
| NORDEA | 2,000 | 34,169 |
| ROYAL BANK OF SCOTLAND | c.2,000 | 148,300 |
| CREDIT SUISSE | 2,000 | 50,700 |
| BANK OF NEW YORK MELLON | 1,500 | 48,900 |
| RABOBANK | 1,200 | 59,000 |
| BANCO POPOLARE | 1,120 | 19,209 |
| GOLDMAN SACHS | 1,000 | 35,500 |
* According to latest available figure, usually end 2010 or mid-year reports
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