There are more pink slips and layoff announcements amid the National Association of Business Economists
report that the unemployment rate was likely to peak at
7.5% by the third quarter of 2009. Last month the unemployment rate rose to 6.5%. That's the highest it's been in 14 years. No doubt all of the layoffs in the financial industry are adding to that number.
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Citigroup Inc. plans to
lay off 50,000. The cuts will be global, according to
The Guardian, and will mostly hit the retail banking business and investment banking.
Meanwhile, J.P. Morgan Chase & Co. may cut
3,000 from its investment banking division, according to
The Telegraph.
Massachusetts' financial firm Fidelity Investments said
its planned layoffs will include
1,700 employees in the first quarter of
2009. Last week the company
let go of 1,300 people, according to The Boston Globe. Also, Massachusetts'-based Putnam Investments laid of 47 people as part of a restructuring, according to the
Boston Herald.
Staffers at Asian financial firms are also getting hit hard with layoffs.
Nomura Holdings Inc.
is laying off many of the employees inherited from Lehman Brothers
Holdings Inc., according to MarketWatch. The cuts are rumored to be in its
fixed-income division, but altogether Nomura took on a total of 8,150
employees. Additionally, HSBC Holdings plc announced it would cut
450 jobs in Asia, and DBS Bank plans to
shed 900 jobs.
For other layoff announcements this month check out:
More bank layoffs announced Another round of bank layoffs
