LayoffBlog.com

November 20, 2008

Bank of New York Mellon To Cut 1800 Jobs

According to CNN Money: ” The Bank of New York Mellon Corp. (BK) will cut 1,800 jobs, or about 4.2% of its worldwide work force.

Several banks have announced huge layoffs, including Citigroup Inc. (C), which plans to slash some 50,000 jobs; Goldman Sachs Group Inc. (GS), which is cutting 10% of its 32,500 global work force; and Deutsche Bank AG (DB), which plans to cut 900 jobs.”

November 18, 2008

No Bonuses for Top Goldman Executives

“Business Week: Much has been made today of the news that Goldman Sachs’ top seven executives, including CEO Lloyd Blankfein, are giving up their bonuses for 2008. According to a story in today’s Wall Street Journal, the move follows “months of internal debate” at the Wall Street firm, and that now that Goldman has acted, other firms on “Lloyd watch,” as the Journal calls it, will follow suit. Indeed, Swiss bank UBS has already done so, axing bonuses for its executive board members. The WSJ’s DealJournal blog referred to the bonus cut as “The Neutron Bomb of Wall Street.””

Full story

November 17, 2008

Citigroup to cut more than 50000 jobs

CNN Money: “Citigroup said Monday it planned to cut more than 50,000 jobs, the latest move by the struggling bank to cut costs in order to weather the credit crisis plaguing Wall Street.”

Full story

Update (Bloomberg; 11/17/2008; 17:10): Citigroup’s Pandit Targets 52,000 Jobs to Eliminate

Blog at WordPress.com.