European investment banks are facing yet another wave of layoffs as Thursday brought announcements from Credit Suisse, Nomura, and Commerzbank. Credit Suisse will cut 5,300 employees - about 11% of its total payroll globally, while Nomura is set to slash 1,000 jobs at its London office. London will also be the victim of 1,200 layoffs at Commerzbank in its fixed income, research, and corporate finance divisions. Many banks are also cutting back on riskier sides of the business, including some proprietary trading activities. Banks are hopeful that trimming costs and risks will help to position them better amid global financial volatility. However, the job cuts have started to indirectly affect industries outside of finance too.
See "Wave of Job Cuts Hits Banks in Europe", Julia Werdigier and Bettina Wassener, The New York Times, December 3, 2008