(Newser)
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Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs, said it wanted to cut another $3 billion from its investment and commercial banking units by 2015. It didn't specify how many jobs would go, but experts expect it to be in the thousands.
Credit Suisse, meanwhile, raised its cost-cutting target by 50%, to $3.06 billion. And they're far from alone. In the face of jittery markets, the top six financial firms—including Goldman Sachs, Wells Fargo, Morgan Stanley, and Citigroup—have cut more than 18,000 jobs combined in the past year. Only JPMorgan has been hiring. "People are desperate to try and get their expenses under control," says one private equity investor.
