The banking world crunch victims of May 2009.
For the banking and investment world its has been another grim month in the layoff / retrenchment department. Below you will find all the companies that have sacked employees for various reasons and the sources of the information. The latest news is at the top.
- Capital One is laying off 180 employees in Baton Rouge, La. Pink slips will start being doled out in July through November, according to WBRZ News, a TV news channel in Louisiana.
- J.P Morgan Chase has rescinded 40 or 50 overseas positions from college graduates due to TARP restrictions, according to a Financial Times report on the bank’s annual shareholder meeting.
- Lloyds Banking Group will cut 625 jobs in Britain, according to Reuters.
- ABN Amro and Fortis Bank could lay off 5000 employees by 2012 as the two businesses merge, according to Bloomberg.
- Julius Baer plans to split its private banking and asset management arms into two independently listed companies, but the Financial Times also reports that the company could eventually dispose of its fund management businesses.
- American Express said Monday it is eliminating about 4000 jobs, according to a company press release.
- Genworth Financial laid off 630 people in Virginia, according to the Richmond Times-Dispatch. These layoffs were concluded in January, according to a Genworth spokesperson.
- Deutsche Bank has cut three products from the Australian market.
- BT Investment Management has shut down its Global Return Fund.
- Alpha Investment Management shut down, according to OnRec.com.
- Sovereign laid off 9% of its workforce, according to the Providence Business Journal.
- BlackRock is apparently doing a round of layoffs this summer, according to Dealbreaker.
- Apparently there are investment bankers being laid off at J.P. Morgan, according to Dealbreaker.
- Principal Financial announced it will eliminate 40 more positions in Des Moines, Iowa, according to WHO-TV, an NBC news affiliate based in Des Moines.
- The Golden 1 Credit Union cut 25 positions in Sacramento, Calif., according to the Sacramento Business Journal.
- MetLife has shed 1000 jobs, according to Providence Business News.
- Hunton & Williams laid off 23 associates and counsel and also trimmed 64 staff members, according to AM Law Daily.
- MassMutual may cut more staff in the next four months, according to The Republican.
- ING has already laid off 5380 of 7000 employees the company intends to cut. The company will also sell 15 operations to raise capital, which could mean more layoffs, according to the Des Moines Register.
- Barclays may lay off 700 staffers in its information technology department, according to The Register.
- AIG’s American General Financial Services will be handing out pink slips to 140 workers in Evansville, Ind., by the end of the week, according to WTVW Fox 7.
- American Express is closing a travel operation in High Point, N.C., where 103 employees worked, according to WRAL CBS 5.
- Lititz, Pa.-based Susquehanna Bancshares Inc. will shut down six York County Pennsylvania locations. Many employees will be transferred to neighboring branches, but some could be laid off, according to Istockanalyst.
- Principal Financial laid off 75 employees in April, according to Forbes.
- Rumors are building that Royal Bank of Scotland Group plc might sell Citizens Bank after it posted a quarterly loss of about $1.29 billion. RBS has been going through some intensive restructuring. The bank is cutting 1250 employees from Citizens Bank. The jobs cuts are mostly in back-office operations, according to TribLive.
- CIBC announced more than 100 layoffs this month, according to Canada.com.
- Canaccord Capital Inc. is laying off 75 underperforming brokers, according to The Wall Street Journal.
- Evansville, Ind.-based American General Finance, a subsidiary of AIG, plans to cut 500 jobs and close 150 offices throughout the country, according to the Evansville Courier & Press.
- Australia’s Westpac Banking asked 5000 employees to take 10 to 15 days unpaid leave, saying layoffs would be a last resort. The bank laid off 170 people earlier this year, according to ABC local radio.
- Student loan company Nelnet Inc. will layoff about 250 employees in order to close its local operations by the second quarter 2010, according to The Jacksonville Business Journal.
- Capital One is eliminating 66 jobs in its U.S. credit card customer operations at its offices in Goochland County, Va., according to The Richmond Times-Dispatch.
- Officials with National City said some workers have been told that they will soon be out of a job. An exact number was not provided. It is estimated that 5800 workers will lose their jobs as PNC and National City merge operations, according to WHIOTV.com.
- J.P. Morgan is closing its centralized check-processing operations in Miami and laying off 55 employees, effective July 2, according to the South Florida Business Journal.
- Wells Fargo told state officials this week that the company has laid off 548 employees in uptown Charlotte, N.C., this year, according to Trading Markets. Around 150 layoffs were in the investment banking unit.
- Guaranty Bank plans to close its GB Mortgage LLC division, leaving 62 employees without jobs, according to The Business Journal of Milwaukee.
- GE Money, a division of General Electric Co. will lay off 250 customer service workers in Tampa, Fla. GE Money, which provides private-label credit cards to retailers, will lay off all the workers there by June 29, according to Layoff Tracker.
- Principal Financial announced it cut 75 workers in its asset management business in Des Moines, Iowa. This is the second round of cuts for Principal. In December 550 jobs were cut, according to the Chicago Tribune.
- IndyMac, which was taken over last summer by the FDIC and reopened as IndyMac Federal Bank, is laying off 107 employees at IndyMac Resources Inc. in Irvine, Calif. Those employees will receive notice by May 19, according to Layoff Tracker.
- Banco Santander SA’s U.S. unit, Sovereign Bancorp, which is expected to cut 950 jobs across the country, will lay off 265 employees in Massachusetts, according to the Boston Herald. The bank also plans to eliminate 124 jobs in New Jersey, according to APP.com; 32 in Rhode Island, according to projo.com; and 24 in Staten Island, according to silive.com.
- Wells Fargo is eliminating about 100 positions in the northeast Florida mortgage operations of the former Wachovia Corp., according to the San Francisco Business Times.
- Canadian mortgage financier Quest Capital Corp. said it plans to cut jobs to reduce overhead costs, according to Reuters.
- Lloyds Banking Group is trimming 305 jobs as it merges Clerical Medical sales forces with Scottish Widows life insurance businesses. Also, last week Lloyds said 985 full- and part-time posts from its motor finance business would be axed over the next two years, according to the Financial Times.
- Commerzbank’s real estate financing unit Eurohypo will axe around 300 jobs in Germany and overseas, according to Reuters.
- Cigna may make more reductions than the 1100 jobs the company said it would cut in January. The size of the new cuts won’t be disclosed until second-quarter earnings, according to the Hartford Courant.
- First National Credit Card Center, a subsidiary of First National Bank of Omaha, is closing two offices in Atlanta that employ 215 people, according to The Atlanta Journal-Constitution.
Total Estimated Losses = 32596
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