2011 - That Was The Year That Was (Q3)

The Titanic

Here's a quick look at what happened in the industry in Q3 2011.

September

UBS Group CEO Oswald Gruebel resigns.

UBS confirms a rogue trader loses $2.3bn.

Morgan Stanley confirms that John Mack will stand down as Chairman at Christmas.

Bank of America confirms that 30,000 jobs will go in Phase 1 of its restructuring.

August

UBS announces 3,500 job losses, approximately 45% from the Investment Bank, 35% from Wealth Management & Swiss Bank, 10% from Global Asset Management, and 10% from Wealth Management Americas.

BNY Mellon announces 1,500 job cuts.

Robert H. Lessin, 56, Vice Chairman at Jefferies, died.

Royal Bank of Scotland CEO Stephen Hester confirms that 'ballpark' 2,000 investment banking jobs will go.

S&P downgrades the United States.

Barclays CEO Bob Diamond confirms that his bank will reduce headcount by 3,000 during 2011.

HSBC says 30,000 jobs will ultimately go in its latest restructuring.

July

Credit Suisse announces 2,000 job cuts.

Goldman Sachs announces 1,000 job cuts

State Street announces 530 job cuts

Bank of America reports a record net quarterly loss of $8.8bn

JP Morgan pays $228m to settle allegations of fraudulently rigging at least 93 US municipal bond reinvestment transactions in 31 states, generating millions of dollars in ill-gotten gains.

2011 - That Was The Year That Was (Q1)

2011 - That Was The Year That Was (Q2)

2011 - That Was The Year That Was (Q4)

 

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