March 26, 2009

Legg Mason, largest division lay off more than 100

Money manager Legg Mason Inc. and its largest division have laid off a total of about 120 people.

About 100 of the jobs lost were at Legg Mason’s Western Asset Management Co., based in Pasadena, Calif. That company focuses on fixed-income funds.

Legg Mason laid off 20 of its mutual fund administration employees, including 12 at its Baltimore headquarters. The other eight were based in New York.

Soruce: San Jose Mercury News

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.

February 11, 2009

Putnam Investments to cut 260 jobs

Putnam Investments will announce on Thursday details of a round of layoffs in which the asset manager will cut 260 jobs from its 2,400-strong workforce.

Jeff Carney, senior managing director, said the cuts will come from Putnam’s non-investment teams, such as the sales, operations, marketing and products and technology groups.

The layoffs are in part due to Chief Executive Bob Reynold’s plan for Putnam’s new business model, which is to focus on retail mutual funds, retirement accounts and institutional clients, said Carney.

Source: MarketWatch

February 3, 2009

Fidelity starts second round of layoffs

Filed under: finance,US — 7macaw @ 3:27 pm
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Fidelity Investments, the world’s biggest mutual fund firm, will begin a second round of job cuts on Tuesday as it to seeks to reduce its work force by 7 percent.

Citing the “unprecedented worldwide economic downturn”, Fidelity said in mid-November it would eliminate another 1,700 jobs in the first three months of 2009, bringing the total planned job cuts to 3,000. The company laid off 1,300 people in its first round of layoffs in November.

Source: Reuters

PNC to cut 5,800 jobs

According to Reuters: “PNC Financial Services Group Inc said it plans to cut 5,800 jobs following its recent purchase of troubled lender National City Corp, and also posted a fourth-quarter loss.”

February 1, 2009

India needs 6,000 forensic accountants to fight corp frauds

Forensic accountants are now in a position to turn the Satyam scandal into an opportunity during tough times for getting jobs, as the country needs more than 6,000 such professionals to check corporate frauds in India.

According to the report, there are only 400 forensic accountants in the country though India loses approximately $40 billion because of frauds.

SourceL: TheHinduBusinessLine

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

January 29, 2009

Ford Credit Will Cut 1,200 Workers as U.S. Auto Sales Slide

Filed under: auto,finance,US — 7macaw @ 8:17 am
Tags: ,

Ford Motor Co.’s finance unit will eliminate 20 percent of its workforce, or about 1,200 workers, as part of a cost-cutting move as U.S. auto sales rate falls to the lowest since 1982.

Ford Credit also needs fewer employees with the sale of the Jaguar and Land Rover brands to Tata Motors Ltd. and the end of its financing relationship with affiliate Mazda Motors Corp., spokeswoman Margaret Mellott said. The job cuts begin the middle of next month and are scheduled to be complete by the end of July.

Source: Bloomberg

January 26, 2009

ING Group to layoff 7,000 employees

Filed under: finance,worldwide — 7macaw @ 12:22 pm
Tags: ,

With a second successive quarterly loss on the cards for ING Group NV, the company plans to layoff 7,000 employees, and appoint Jan Hommen – the present chairman of the ING board, and the former chief financial officer of Philips Electronics – as its new CEO in the place of the current chief executive Michel Tilmant.

ING – the biggest Dutch financial-services company – is likely to post a net loss of about 1 billion euros for the full 2008 year; the loss resulting partly from ending its Argentina pension operations, and from the cost incurred by disposing off an insurance business in Taiwan.

Source: Top News

January 23, 2009

Fannie Mae Laying Off Hundreds

According to The Washington Post: “Fannie Mae, the District mortgage giant taken over by the federal government last year, is laying off several hundred employees locally as it reorients itself to focusing on preventing home foreclosures.

Starting today, the layoffs will be concentrated among employees working in technology, administration, communications and the company’s single-family unit, which works to buy and bundle mortgages from lenders.
Fannie plans to hire a similar number of people in the Dallas area, where the company bases its anti-foreclosure unit. ”

Brian Faith, “a company spokesman said the total number of Fannie employees should remain the same in 2009 as in 2008, at just over 5,500.”

January 6, 2009

McGraw-Hill Cuts 375 More Jobs

Filed under: finance,Publisher,US — DF @ 9:06 am
Tags: ,

According to WSJ: “McGraw-Hill Cos. said it cut an additional 375 jobs during the fourth quarter, primarily in its education business, putting the year’s reduction at 1,045.”

  • McGraw-Hill said 215 of the fourth-quarter job cuts were in the education segment.
  • McGraw-Hill’s work force is about 21,000.
  • The latest reduction will result in a charge of $16.4 million, or five cents a share, for the period.

January 5, 2009

The biggest CEO firings of 2008

The biggest names to be shown the door as a result of the economic crisis:

  • Martin Sullivan of American International Group (let go in June)
  • Kerry Killinger at Washington Mutual (September)
  • Richard Fuld of Lehman Brothers (leaving next month)

“Their distinguished company includes James Cayne of the now-deceased Bear Stearns and Richard Syron and Daniel Mudd, the former CEOs of the mortgage buyers Freddie Mac and Fannie Mae.”,  according to Forbes and MSNBC

“There are two kinds of CEO firings,” says Noel Tichy, a professor at the Ross School of Business at the University of Michigan. “There are the crooks and there are the incompetents.” This year the biggest departing names all fell into a gray area in between.”

Source: Forbes, MSNBC

LPL Financial To Lay Off 10% Of Work Force

Filed under: finance,US — 7macaw @ 4:24 pm
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CNN Money reports, “LPL Financial, an independent broker/dealer, said it will cut 10% of its work force, or approximately 275 employees, according to a recent filing with the Securities and Exchange Commission.

In the Dec. 31 filing, LPL said it announced the staff reduction to reduce costs as part of a “comprehensive strategic business review.”

LPL said it notified all employees of the job cuts on Dec. 29 and expects to complete all activities associated with the restructuring by Jan. 31. The company also expects to take a fourth-quarter charge of $12 million related to severance and similar personnel-related expenses, the filing said.”

December 23, 2008

WaMu to lay off 3,400 in January

According to WARN filing with WA Employment Security Department, Washington Mutual is scheduled to lay off 3,400 workers in Seattle starting 1/31/2009

Other notable layoffs include Kenworth Trucking (430 employees, starting 1/16/09) and Hunter Douglas (166 employees, starting 2/2/09). American Airlines to lay off 1.

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