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April 13, 2009

UBS to announce more job cuts soon

Filed under: banking,worldwide — 7macaw @ 8:01 am
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Swiss bank UBS will announce more job cuts soon, with staff in Switzerland and departments like marketing to be hit hard, newspapers reported on Sunday.

Citing several unnamed sources, the Sonntagszeitung newspaper said managers had already started telling their staff about job losses, with departments like marketing and support functions hardest hit.

Source: Reuters

April 7, 2009

Royal Bank of Scotland Plans Up to 9,000 Job Cuts

The Royal Bank of Scotland said on Tuesday it might cut as many as 9,000 jobs worldwide as the troubled British bank, which is majority-owned by the government, seeks to reduce costs and repay government funds.

The job cuts would affect back office operations and would come in addition to the 2,700 already announced in Britain for this year. The bank said the actual number of layoffs would be lower than 9,000 because “natural turnover” and “less use of agency staff” would further help to limit redundancies. In addition, the bank said it already identified 650 new job opportunities in Britain.

Source: The New York Times

March 30, 2009

Commonwealth Bank’s BankWest to cut 400 jobs in Australia

Australian mortgage services provider Commonwealth Bank of Australia late Sunday announced that it would cut 400 jobs at its wholly-owned subsidiary Bank of Western Australia Ltd or Bankwest across Australia. The bank cited the deteriorating national and Western Australian economies as well as a high cost base as the reason for implementing these job cuts.

According to Bankwest, around 250 back-office support roles on the west coast and 150 on the east coast will be made redundant this year.

Source: RTTNews

March 26, 2009

HSBC to lay off 2,900

Filed under: banking,HSBC,outsourcing,UK — 7macaw @ 6:47 am
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HSBC yesterday said 1,200 UK jobs were under threat following a review of the banking business, which will see the closure of its Newport call centre.

But union leaders insisted 2,900 jobs will be axed at HSBC, including 500 being off-shored to India. The Unite union said a number of local communities would be “ravaged” as sites were closed and work moved abroad.

HSBC insisted that while 2,900 positions would be axed, some staff would be given different work and only 1,200 would lose their jobs.

Source: Wales Online, The Mirror

March 16, 2009

Citigroup CEO pay, perks, stock-based awards $38.2M

According to MarketWatch: “Citigroup Inc. said Monday that Chief Executive Vikram Pandit’s pay, perks and stocks and options were valued at $38.2 million in 2008, a year in which the company received government bailouts worth about $45 billion.
Pandit’s pay package included stock-based awards and option grants valued at $37.3 million at the time of grants early last year, according to a company filing with the Securities and Exchange Commission. “

March 6, 2009

More job cuts at Wells Fargo

MSNBC reports that job cuts at Wells Fargo in Charlotte are underway. “The layoffs are always going to be deeper in the headquarters city of the acquired bank,” said banking expert and UNCC professor Tony Plath.

[The exact number of layoffs is not known] but Plath puts the estimate at 3000 or 4000.

March 2, 2009

HSBC to cut more than 6,000 U.S. jobs

European bank HSBC is shuttering hundreds of branches in the U.S. that specialize in mortgage and consumer lending, and axing thousands of jobs, as it pulls back from its foray into the American housing market.

HSBC said on Monday that it will cut 6,100 jobs in the U.S. and close its HFC and Beneficial bank branches.

Source: CNNMoney

February 26, 2009

JP Morgan to trim 12,000 from WaMu headcount

According to MarketWatch: “The head of J.P. Morgan Chase‘s (JPM) retail banking operations said Thursday that the firm plans to trim 12,000 jobs from the headcount of Washington Mutual employees.”

Update (2-26-2009): Updated California WARN listing for J.P. Morgan (PDF document), Jul – Dec 2009 layoffs schedule

Update 2 (2-27-2009): JPMorgan Chase & Co. told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December, according to Dayton Business Journal

JPMorgan to cut 12,000 jobs

JPMorgan Chase & Co. said Thursday it will eliminate about 12,000 jobs as it folds in the operations of Washington Mutual Inc.

Chief Executive Jamie Dimon said the cut was a precautionary move to ensure that the company has financial flexibility should economic conditions worsen. The move will save the company about $5 billion per year.

Dimon said he is not predicting, but is ready for: A recession lasting two years, a U.S. unemployment rate above 10 percent, and a 40 percent peak-to-trough decline in home prices.

Source: AP

February 11, 2009

RBS announces up to 2,300 UK job losses

As former chiefs of Royal Bank of Scotland (RBS) made public apologies before the Treasury Select Committee yesterday, the group announced that it could cut up to 2,300 jobs in the UK.

The bank, which will shortly be majority state-owned, was brought to the brink of collapse last year under the leadership of its chief executive, Sir Fred Goodwin, and chairman, Sir Tom McKillop.

Source: Banking Times

February 9, 2009

UBS to cut more jobs

Filed under: banking,Europe — DF @ 11:59 pm
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According to MarketWatch: “UBS said it’s cutting its investment bank division to 15,000 jobs as it revamps its business. The Swiss bank also is creating two new divisions, Wealth Management & Swiss Bank and Wealth Management Americas.”

February 2, 2009

Morgan Stanley plans to cut 1,880 jobs

According to Reuters, CNNMoney: “U.S. bank Morgan Stanley plans to cut about 3% to 4% of its work force, or up to 1,880 people, as it battles with spiraling costs and slowing business, according to a person familiar with the matter.”

  • Morgan Stanley had a total of 46,964 employees at the end of November, according to a filing with the U.S. Securities and Exchange Commission.

February 1, 2009

AP Investigation: Banks sought foreign workers

According to AP Investigation: “Banks collecting billions of dollars in federal bailout money sought government permission to bring thousands of foreign workers to the U.S. for high-paying jobs, according to an Associated Press review of visa applications.”

The dozen banks receiving the biggest rescue packages, totaling more than $150 billion, requested visas for more than 21,800 foreign workers over the past six years for positions that included senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists. The average annual salary for those jobs was $90,721, nearly twice the median income for all American households.”

It is unclear how many foreign workers the banks actually hired; the government does not release those details. The actual number is likely a fraction of the 21,800 foreign workers the banks sought to hire because the government limits the number of visas it grants to 85,000 each year among all U.S. employers.”

“During the last three months of 2008, the largest banks that received taxpayer loans announced more than 100,000 layoffs. The number of foreign workers included among those laid off is unknown.”

Source: Yahoo Finance

~News submitted by Ben

January 30, 2009

Morgan Stanley, Goldman mull more job cuts

Morgan Stanley (MS.N) and Goldman Sachs (GS.N) are considering further cuts in staff, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Morgan Stanley is considering laying off up to 5 percent of its 47,000 employees, while Goldman Sachs is also contemplating further cuts in staff after letting go about 10 percent of its employees late last year, the paper said.

Source: Reuters

Dexia faces $3 billion loss, plans 900 job cuts

Filed under: banking,finance,worldwide — 7macaw @ 7:32 am
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French-Belgian bank Dexia (BE: DEXB) on Friday said it lost around 2.3 billion euros ($3 billion) in the fourth-quarter and plans to cut 900 jobs in 2009 as part of a major reorganization.

Source: MarketWatch

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