Investment banking job losses reach 25,000

More
than 25,000 investment banking jobs have been cut in the UK and America so far
this year, research has revealed.

A
survey by the Financial Times shows that the number of jobs lost in the sector
on both sides of the Atlantic is at least 25,430.

The
number of redundancies could be significantly higher because many banks have
been making job cuts gradually and behind the scenes rather than announcing
seeping reductions.

The
biggest cuts have come at banks such as JP Morgan Chase and Credit Suisse First
Boston, which have been integrating acquisitions.

In
spite of a modest recovery last month in mergers and acquisition activity on
both sides of the Atlantic, July volumes remained 34 per cent below the average
monthly average for last year in Europe and 54 per cent lower in the US.

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www.ft.com/financialservices

By Ben Willmott