These Wall Street Firms are About to Start Firing People Like Crazy By Business Insider September 04 2011

This fall, layoffs will hit Wall Street like an automatic weapon. With recession outlooks seeming more plausible than ever and banks struggling in the new regulatory environment, banks need to get stronger and raise capital.

Nearly every firm is planning to lay off thousands. Check out who has it the worst.

UBS

UBS

Number of people cut so far: Unknown

Unit affected: IT staff, investment banking, asset management and wealth management

Location of layoffs: Switzerland and globally

Number of people expected to be laid off: 500 in IT; 8,500 globally

Reason for layoffs: The bank cites cost-cutting as the main reason for the layoffs. UBS (NYSE:UBS) said with the most recent spate of job cuts it's seeking to save $2 billion Swiss francs (NYSE:FXF).

Bank of America

Bank of America

Number of people cut so far: Unknown

Unit affected: Investment banking, trading and possibly other units.

Location of layoffs: Nationwide

Number of people expected to be laid off: Over 10,000 (3,500 this quarter)

Reason for layoffs: It's part of a major re-organization known as "Project New BAC." (NYSE:BAC)

HSBC

HSBC

Number of people cut so far: HSBC (NYSE:HBC) cut 700 jobs in its UK (NYSE:EWU) retail banking arm in June.

Unit affected: Retail operations, credit card arm and possibly other units.

Location of layoffs: Europe and U.S.

Number of people expected to be laid off: 30,000

Reason for layoffs: The bank is also taking cost-cutting measures. While it is firing up to 30,000, the bank plans to hire 3,000 to 4,000 in emerging markets.

RBS

RBS

Number of people cut so far:Unknown

Unit affected: Investment banking

Location of layoffs: U.K. and possibly elsewhere

Number of people expected to be laid off: 2,000

Reason for layoffs: Layoffs come as the bank completes its integration of ABN Amro, the Dutch acquisition that nearly pushed RBS (NYSE:RBS) to the edge of collapse.

Goldman Sachs

Goldman Sachs

Number of people cut so far: Unknown, but layoffs happened in early July.

Unit affected: Employees speculate that a number of the cuts will be/were in equities

Number of people expected to be laid off: Approximately 1,000 by year's end

Reason for layoffs: A filing with the New York State Department of Labor lists the reason behind the 230 New York layoffs as "Economic." The reasons Goldman (NYSE:GS) plans to add 1,000 jobs to its Singapore offices in the near future, and to lay off about that number world wide to make room for them, are reportedly regulations and a need to cut costs.

Barclays

Reason for layoffs: Barclay's (NYSE:BCS) cost-cutting efforts as second quarter investment banking profit fell by more than a quarter.

Deutsche Bank

Unit affected: A source at the bank told us some big names were cut, he knew of about 5, and for every big trader let go, it means 10 people in the back-office left.

Reason for layoffs: Larry McDonald of McDonald Advisory cites 3 reasons why. What's more is a source from Deutsche (NYSE:DB) tells us the bank hired 80% of its summer analyst intern class.

Credit Suisse

Number of people cut so far: Unknown, but there were layoffs back in June.

Reason for layoffs: The cuts are part of a more general cost-cutting plan for Credit Suisse (NYSE:CS).

Citigroup

Reason for layoffs: Layoffs seem to be a result of the bank's sale of its MasterCard (NYSE:MA) business.

Morgan Stanley

Unit affected: Brokers, wealth management, fixed income, and equities. A source told us the bank will also fire 20% of managing directors in research by the end of the year.

Number of people expected to be laid off: "Morgan Stanley (NYSE:MS) is running layoff scenarios into the thousands." - Gasparino

Reason for layoffs: “As we continue to take actions to improve broker efficiency we may reduce our broker headcount below previously announced targets,” Ruth Porat, Morgan Stanley's CFO said back in June.

Lloyds

Reason for layoffs: Lloyds (NYSE:LYG) is facing massive liquidity problems. The cuts are also part of a reorganization plan for allowing the British government to sell its stake in the bank.