See http://finance.yahoo.com/news/barclays-goldman-forecast-bearish-first-160140987.html
If this holds true, more cuts coming in 2nd and 3rd quarter.
And this does not account for merger/redundancy cuts.
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I was told by two different sources that the layoffs are to total 23,000 and ultimately closing down numerous locations.
Oh, a ton of insight from Koustav Samanta and Vijaykumar Vedala in Bengaluru and Dimitry Zhdannikov in London