December 3, 2008

State Street to cut up to 1,800 jobs

According to AP: “State Street Corp. on Wednesday said it will cut 1,600 to 1,800 jobs, or 6 percent of its global work force, between now and the end of the 2009 first quarter, in an effort to reduce operating costs.

The investment services company will reduce its staff mostly by consolidating middle and senior management ranks, it said after the market closed. Most of the cuts will be in North America, with the rest in Europe and the Asia-Pacific region.”

December 2, 2008

Merrill Said to Cut Year-End Bonuses by 50%

According to Bloomberg: “The average bonus reduction will be about 50 percent at the New York-based company, and some traders and investment bankers will face steeper cuts, said the people, who declined to be identified because the plans aren’t public.”

In 2007, Merrill paid out a total of $15.9 billion in compensation, or about $248,000 per employee.

JPMorgan Chase to cut 250 jobs in Jacksonville, FL

According to Jacksonville Business Journal:”About 250 Jacksonville jobs from JPMorgan Chase and Washington Mutual Inc. will be eliminated as a result of JPMorgan’s acquisition of Washington Mutual in September.

About 2,500 employees will continue to work at the combined mortgage banking operations, said JPMorgan Chase spokeswoman Nancy Norris. JBMorgan Chase announced Monday the elimination of about 9,000 Washington Mutual positions across the country as it consolidates operations following the takeover of the failing mortgage lender.”

November 20, 2008

WaMu cuts 1,600 jobs in Bay Area

According to “About 1,600 Washington Mutual employees in the Bay Area — including 1,200 in Pleasanton — will lose their jobs in the coming months, a harsh economic fallout unleashed by JPMorgan Chase’s purchase of Washington Mutual this year.

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