French bank Credit Agricole has confirmed that it is to chop 2,350 jobs worldwide, 1,750 of which will come from its 13,000-person corporate and investment banking unit.
The rest of the job losses will come from consumer finance businesses. 850 positions are set to go in France.
The firm has said that it will stop offering corporate and investment services on the ground in 21 of 53 countries in which the division currently has a presence, but hasn't specified which ones. Some jobs will clearly go in London, where the firm has around 1,800 staff, and New York (900).
Credit Agricole has said that it expects to post a loss in 2011, and can't confirm its 2014 goals because of 'the lack of visibility on the economic and financial climate'.
In the meantime, Morgan Stanley is cutting around 80 back-office positions in Singapore. Some staff are thought to have been offered relocation to Hungary and India.
Dow Jones quotes from a Morgan Stanley statement which said that 'the firm is in the process of deploying a number of Singapore-based infrastructure roles to alternate global locations as part of the firm's continual process to optimize business and location efficiencies'.
Finally, ING is said to have made cuts in its Latin America dollar-denominated debt groups in Mexico and New York.
Sources - BBC, Bloomberg, Dow Jones, The Wall Street Journal
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