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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Natixis    KN   FR0000120685

NATIXIS (KN)

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Banking job cuts near 160,000

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11/16/2012 | 10:55pm CET

Banks worldwide are shedding jobs as stricter regulations and euro zone worries take their toll on trading income and investment banking units.

Many began outlining layoffs plans 18 months ago and are now cutting more deeply as they reassess their entire business to cope with tougher capital rules, while some are cutting because of acquisitions or mergers they are involved in.

Switzerland's UBS in October added 10,000 job cuts to the 3,500 it had earmarked last year, after deciding to exit most of the rates and debt trading.

Staff cuts announced since mid-2011 or reported to be in the works at major banks have now reached 158,000.

Below are aggregates of various redundancy rounds. They are likely to be conservative figures, as not all banks have announced lay-offs publicly, and the number does not take into account smaller investment banks, boutiques and brokers.

The data also shows the net job losses (or job additions) at these firms since the end of 2009, when the euro zone debt crisis began.

Job cuts announced since 2011: 157,969

Jobs lost at these firms since end 2009: 167,216

Jobs created since 2009: 83,553

Net jobs lost since end 2009: 83,663

For a graphic on job losses at the top 10 investment bank since 2008, click here:

BANK Cut plans* Total staff**

HSBC 30,000 267,000

BANK OF AMERICA 30,000 272,594

LLOYDS 15,000 95,975

UBS 13,500 63,745

ROYAL BANK OF SCOTLAND 6,418 140,300

UNICREDIT 6,150 157,190

ING 5,050 94,000

INTESA SANPAOLO 5,000 97,144

MONTE DEI PASCHI DI SIENA 4,600 30,422

CITIGROUP 4,500 262,000 MORGAN STANLEY c.4,333 57,726

BARCLAYS 3,922 139,000

CREDIT SUISSE 3,500 48,400

MIZUHO 3,000 56,109

ABN AMRO 2,700 23,863 DEUTSCHE BANK 2,400 100,654

CREDIT AGRICOLE 2,350 87,451

NORDEA 2,000 31,692

DANSKE BANK 2,000 20,997

BNP PARIBAS 1,769 198,423#

SOCIETE GENERALE 1,580 159,616#

BANK OF NEW YORK MELLON 1,500 48,200

RABOBANK 1,200 61,103

BANCO POPOLARE 1,120 18,981

NOMURA 1,100 27,168

GOLDMAN SACHS 1,000 32,600

JULIUS BAER 1,000 5,700##

JPMORGAN 1,000 259,547

NATIXIS 277 20,451 *As announced by the firms in the past 18 months or confirmed by sources ** According to latest available figure from filings # latest available staff numbers date back to year end 2011 ##headcount number includes integration of Bank of America's international wealth management unit. Julius Baer said in October it would cut around 1,000 jobs following the acquisition.

(Reporting by Sarah White; Editing by Jon Hemming)

Stocks treated in this article : Commerzbank AG, NATIXIS, HSBC Holdings plc, Morgan Stanley, UBS AG
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Financials (€)
Sales 2016 8 328 M
EBIT 2016 2 194 M
Net income 2016 1 143 M
Debt 2016 -
Yield 2016 5,80%
P/E ratio 2016 15,09
P/E ratio 2017 13,08
Capi. / Sales 2016 2,10x
Capi. / Sales 2017 2,00x
Capitalization 17 495 M
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Mean consensus HOLD
Number of Analysts 17
Average target price 5,12 €
Spread / Average Target -8,1%
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Laurent Mignon Chief Executive Officer
François Pérol Chairman
Norbert Cron Head-Operations & Information Systems
Jean Cheval Chief Finance & Risk Officer
Henri Proglio Independent Director
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