If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Hat tip to Barry over at the Big Picture for finding this gem from across the pond. Here is the City, a UK-based finance blog, took all of the credit losses for each major player in the mortgage market and mapped the dollar losses taken by each institutions to the number of wholesale employees they have. The result is an astonishing contextual look at the amount of money lost by each firm.
Here’s how it works:
Mizuho Financial Group - $5.5bn in writedowns / credit losses, 2,000 wholesale banking employees, $2,750,000 per employee.
Here’s the graph of the losses/employees as reported by Here is the City:
Here are the top 5 losses/employee lenders:
1. Mizuho Financial Group - $5.5bn in writedowns / credit losses, 2,000 wholesale banking employees, $2,750,000 per employee.
2. Wachovia - $7bn, 3,900, $1,794,872 per employee
3. UBS - $37bn, 22,000, $1,681,818 per employee
4. Citi - $40.9bn, 30,000, $1,363,333 per employee
5. Bank of America - $14.8bn, 20,000, $740,000 per employee
As one commenter on the Big Picture said so well:
I hereby offer my services to any of the top 3 money losers for only $1 million per year. I promise to not come to work, to not do anything, to just cash the checks you send me.
I will be a huge upgrade from your current staff.
On FriendFeed, this post was liked by 0 people and commented on 0 times show
