Financial
Bank of Montreal to shed 1100 jobs after Q2 profit plunge.
Bank of Montreal is eliminating more than 1000 jobs after a 44 percent drop in quarterly net income to 358 million Canadian dollars ($320 million).
Tjob cuts will occur across the company are expected to hit about 3 percent of BMO’s 36900-person workforce, primarily in managerial positions.
Job losses = 1100
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- J.P Morgan Chase has rescinded 40 or 50 overseas positions from college graduates due to TARP restrictions, according to a Financial Times report on the bank’s annual shareholder meeting.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
288 job cuts by T Rowe Price.
Based in Baltimore T. Rowe Price were sacking 5% of their workforce or 288 jobs. Most of the layoffs will occur in the firm’s customer service and technology departments.
Total losses = 288
David Kellermann’s family are crunch victims.
David Kellermann, acting chief financial officer of mortgage company Freddie Mac, hung himself this morning in his basement of his Vienna home. His wife has confirmed it was suicide.
What a terrible way to end your life but also a very selfish way to leave family, friends and colleagues? In this day and age with all the help and support available, there has to be an alternative to killing oneself, unless of course you have done something so bad that life is not worth living for. How many other victims are there?
More Monday blues for hundreds of credit crunch victims.
- Park Nicollet Health Services annouced today they were laying off 233 workers and would not be filling another 69 open positions. The reductions which take effect from Friday, represent 1.8 percent of St. Louis Park-based Park Nicollet’s work force. A decline in services has seen investment suffer, although most believe the recession is to blame.
- Georgia-Pacific say they will lay off 39 hourly employees by mid-May.
- General Motors Corp. started firing 1600 white-collar workers Monday in order to qualify for more government loans (doesn’t make sense now does it?). GM has said it will eliminate 47000 jobs worldwide by the end of 2009, but the cuts may go even deeper as the company moves toward its deadline.
- Renewable Environmental Solutions, last month filed for Chapter 11 in bankruptcy court in New York and today laid off about 50 employees at the plant. Read the story.#
- Legg Mason laid off 40 admin and support workers, including 5 at its Baltimore HQ.
- Herbert Smith is to cut up to 84 members of staff from it London office and is also reversing all associate pay bands.
- The DSM chemical plant is cutting 80 people to cut costs, effective at the end of June.
- The Quincy school district announced its second and final round of cuts. 15 employees were honorably dismissed who worked as educational support personal. That includes library staff, computer staff and paraprofessional personal.
- Tele Atlas, a New Hampshire-based company that makes digital maps is laying off 120 employees at its Lebanon headquarters and 140 jobs in North America.
- It has been reported in The Herald Journal that 27 lecturers and research lab workers who have lost their jobs at USU in the latest round of cuts.
- Sun-Times Media Group Inc. has cut about 140 jobs companywide as it tries to trim costs during its bankruptcy reorganization. The cuts, which affected both managers and non-managers, amounted to about 10% of the company’s non-union staff.
- Robert Bosch Corp. announced Monday that 225 workers from its North Charleston plant would be laid off.
Total losses = 2798
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
