Banking
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- J.P Morgan Chase has rescinded 40 or 50 overseas positions from college graduates due to TARP restrictions, according to a Financial Times report on the bank’s annual shareholder meeting.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
Crunch Victims weekly watchlist.
Below are a list of companies on the brink of announcing job cuts or lay offs. If this news becomes true, I will update the posts accordingly.
- Satyam Computers might layoff 10000.
- Filene’s might layoff 1500 workers.
- American Express will retrench a small number of people from its Singapore office as part of the group’s global retrenchment exercise.
- Retailer Clinton Cards has put its subsidiary chain of 223 Birthdays stores into administration, putting more than 2000 jobs at risk.
Total explected job losses = 13500
RBS to sack 700 people in Edinburgh and London.
Royal Bank of Scotland has confirmed that 700 jobs are to go across two of its departments, with Edinburgh and London set to be hardest hit by the cuts.
Total losses = 700 (for now, more to follow)
Lloyds TSB to axe 625 bank staff.
First it was Sir Victor Blank, the Lloyds Banking Group boss who drew a blank and said he would step down (next year June 2010), now 625 bank staff have been told their fate as the bank continues to changes the structure of its wholesale banking division.
Total losses = 625
American Express to cut approximately 4000 jobs.
American Express have announced they will cut approximately 4000 jobs. While American Express has been able to avoid blaming ED, many industry experts believed the company needed to do more to cut costs.
Total losses = 4000
ABN AMRO plans to sack 6500 people.
Dutch state-controlled bank ABN AMRO plans to cut 6500 jobs over the next three years and cut costs by 20%.
April Losses
Freedomdirect     17 April    108
Aveva     17 April    80
Roger Bullivant     16 April    95
Air France-KLMÂ 2500-3000 April 15
Hallmark 750 April 14
Siemens     14 April    45
Russian Railways 53700 April 9
RSA     9 April    1200
LyondellBasell 3000 April 8
Michael Page     8 April    809
RBS     7 April    4500
BA     3 April    300
Filtrona Filters     2 April    233
AVX      2 April    130
Bombardier Inc 3000 April 2
Aviva     2 April    1100
EDC      1 April    260
Jarvis     1 April    450
Co-op     1 April    140
The Klaus Kneale Pink-Slip List (P-SL) for April 2009.
The following Pink-Slip List (P-SL) was compiled by Klaus Kneale.
Job Losses = 19247
April 28: On top of 1850 layoffs announced in January, Clear Channel slashes 590 jobs, bringing cuts to 12% of its original workforce total.
April 27: Lockheed Martin dismisses 225 in New York; cites lost business for Presidential Helicopter Program.
April 27: PPG Industries lays off 110 at fiberglass plant in North Carolina.
April 27: CSX fires more than 150 at New York rail yard.
April 27: General Motors increases originally planned cuts to its U.S. hourly workforce by 8000.
April 24: Carrier Corporation a subsidiary of United Technologies cuts 140 hourly workers.
April 23: Embarq closes call center in North Carolina and dismisses 51 workers.
April 22: Philip Morris International closes North Carolina cigarette plant and fires 1100 workers.
April 22: T. Rowe Price Group reduces workforce by 5.5% (288 jobs), hitting all areas of the company except portfolio managers.
April 22: Capital One Financial cuts 60 employees in its credit card division.
April 20: Brown-Forman Corp. pink-slips 250 workers, or 6% of its global workforce.
April 21: Yahoo! reports 78% drop in first-quarter profit and 5% cut in global workforce (roughly 675 employees).
April 20: Nordstrom cuts 72 jobs in Iowa and Washington.
April 18: Weyerhaeuser closes trucking division in Oregon and cuts 75 jobs.
April 15: Emerson Electric subsidiary in Tennessee fires 200 workers at plant that makes industrial generators.
April 14: Discover Financial Services blames credit losses for 4% workforce reduction (500 jobs).
April 14: Deere & Co. combines two units resulting in 200 pink-slips.
April 13: General Electric fires 100 workers at plant in North Carolina on reduced demand for the plant’s products.
April 9: General Electric’s health care arm fires 179 in Wisconsin.
April 9: Johnson & Johnson cuts 900 jobs in its U.S. pharmaceuticals division as competition in drugs pushes prices down.
April 8: Eastman Chemical notifies 300 employees of layoff; 200 of the cuts are in Tennessee, where the company is based.
April 8: Navistar International pink-slips 350 workers at plant in Ontario.
April 8: Deere & Co. fires 160 workers in Iowa factory in latest of ongoing cuts.
April 6: Weakness in solar power forces General Electric to layoff 85 at solar-panel plant in Delaware.
April 6: Procter & Gamble dismisses 90 workers at Puerto Rico plant that makes skin care products and cold medicine.
April 3: FedEx fires 1000 following a 75% drop in third-quarter earnings announced last month.
April 3: Walt Disney Co. cuts 1900 jobs 1200 people and 700 empty positions at its U.S. theme parks.
April 2: Rite Aid closes a distribution center in Georgia and lays off 297 workers.
April 1: 3M slashes global workforce by 1.5% (1200 jobs) following a December cut of 2300 workers.
Lloyds Banking Group cutting 985 jobs.
Lloyds Banking Group is to cut 985 full-time and part-time workers across the company.
Job losses = 985
UBS sinks 9000 more jobs.
Change the letters in UBS around and one can make the word SUB, and that is basically what the company is doing fast (sinking like a sub). It’s also the Sub-Prime market that has caused this problem for UBS. They announced a further 9000 job cuts this week, more than ten per cent of the group’s global workforce – with 2500 to go in Switzerland alone.
Job losses = 9000
Related Web Links:
- Record Swiss loss of SFr20bn for UBS (Feb 10th 2009).
9000 to go at RBS over two years.
Quite surprising to hear that only 4500 jobs will go at RBS in the UK. I would have thought a lot more than would be on the chopping board. Just a pity Sir Fred “the Shred” has not given back his ridiculous pension payout and bonuses he received while steering the company into the ground. The man should be in jail alongside Mr Maddoff.
RBS have confirmed they are to slash 9000 jobs in total over the next two years. The company posted the biggest ever loss of £24billion earlier this year. Now owned by the tax payer, one would think we have more say in the running of the business.
Total losses (over the next 24 months) = 9000
400 jobs to go at BankWest (Australia).
WCV: The loss of 400 jobs at BankWest has been blamed on ED. 250 positions are from the Perth branch and 150 positions will be lost at the Melborne, Sydney and Brisbane branches. Originally owned by the doomed HBOS, BankWest was bought by the Commonwealth Bank of Australia (CBA).
Total losses = 400
Sir Fred is “sorry”, but 2300 staff have to pay for his mistakes.
The bank’s former boss Sir Fred Goodwin appeared before the Treasury Select Committee today to apologise for what happened to RBS.
Derek Simpson, joint leader of the union Unite, said:
On the day that sorry appears to be the easiest word for the bosses, 2300 employees are left paying the price for management mistakes.
According to the Telegraph an incredible row is brewing this evening in Scotland, and no doubt quite soon elsewhere too, in the aftermath of those bankers appearing before the beaks at the Commons.
The reason is a simple one: It was only after the likes of Sir Fred Goodwin, the multi-millionaire former chief executive of that bust bank, had finished giving their half-baked apologies to MPs that news emerged that RBS was axeing 2300 jobs.
Furious politicians and union leaders in Scotland want to know why the bank, now almost three-quarters owned by the taxpayer, waited until after Sir Fred and Sir Tom McKillop, the former chairman, had given their evidence before releasing their bad news about these massive job cuts.
Job losses = 2300
Bad news for at least 18 companies or 21000 jobs.
Quoted from Bloomberg
Not a great Friday after news that roughly 21000 jobs would be lost for at least 20 companies.
- Hertz, the second-largest U.S. rental-car company, said it will cut more than 4000 jobs.
- WellPoint, the second-largest U.S. health insurer, will end 1500 jobs, which include 600 workers and 900 open positions.
- Clear Channel Communications Inc. will lay off 1500 employees on Jan. 20, mostly in ad sales.
- ConocoPhillips, the second-largest U.S. refiner, announced after the markets closed that it plans to cut 4 percent of its workforce, or about 1350 jobs.
- Advanced Micro, the second-largest producer of personal- computer processors, said it will eliminate 1100 jobs by the end of the first quarter.
- Amonil said it will cut 45 percent of its staff, or 389 jobs, this year.
- Magneti Marelli will eliminate 800 jobs in Brazil, or 10 percent of its workforce there.
- General Electric Co.‘s finance arm may cut 7500 to 11000 jobs, or at least 10 percent of its workforce.
- De Beers, the world’s biggest diamond company, said it will cut jobs at its six mines in South Africa, totaling “less than” 1000 people.
- Interwoven Inc., the provider of data-management software, announced after trading hours that it would cut 70 jobs.
- Blue Cross Blue Shield of Michigan will cut up to 1000 jobs in 2009.
- Renold Plc, the maker of the chains that drive the clock in London’s Big Ben, announced 350 job reductions.
- WS Atkins Plc, the U.K.’s biggest engineering-design company, plans to eliminate 210 jobs at its Middle East operations.
- Scania AB, Sweden’s second-largest maker of heavy trucks, said it won’t renew contracts for 2000 temporary employees to adjust production because of weaker demand.
- Haynes International Inc., the manufacturer of alloys for use in aerospace and chemical processing, said it will eliminate 12 percent of its global workforce.
- Varian Inc., manufacturer of scientific instruments and vacuum technologies, will shed 240 jobs.
- Banco Santander SA, Spain’s biggest bank, eliminated 400 jobs in Brazil after buying ABN Amro Holding NV’s Banco Real unit in the country.
- Harry & David Holdings, a fruit and food retailer, said it would cut more than 100 positions.
Job losses: +-21000
Original article By Oshrat Carmiel, ocarmiel1@bloomberg.net
4200 job cuts not 2000 says Barclays.
We can't count to 4200, so we said 2000 job cuts
Quoted from Unite the Union
Unite Deputy general secretary, Graham Goddard, said: “Barclays have now come clean and announced 4,200 job cuts. However, they have still failed to provide a complete breakdown of the 4,200 jobs cuts announced in recent days. Barclays is entirely responsible for all the uncertainty this week.
“We urge Barclays to be open with staff as thousands of worried staff are still unclear about where the vast number of cuts will be. Over 500 staff in the Barclays Retail bank’s Direct Mortgage section, Commercial Bank and the Support section are today’s losers in the ongoing haemorrhaging of jobs at Barclays.
Barclays – What a bunch of numties?
Job losses: 4200
