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Finance Layoffs: UBS, Citadel, GE Antares and more

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Published December 8, 2008 at 4:37 PM
pinkslip.gifBank layoffs are not only hurting Wall Street, but also New York state as a whole. The financial crisis could lead to 225,000 layoffs in New York City, and that could cost the state and city $6.5 billion in tax revenue over the next two years, New York state Comptroller Thomas DiNapoli said to The Associated Press. Compounding the problem for the state, employers expect to slow their hiring over the next three months through March, according to a survey by Manpower. Here are some of the latest financial layoff rumors and reports both in New York and elsewhere.

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  • UBS may announce as many as 4,500 more job cuts before the end of the year. UBS has already slashed about 9,000 jobs since last year.
  • Citadel Investment Group LLC will close its Tokyo office and cut other Asian operations.
  • Barclays Bank may cut 109 jobs in the Welsh capital, Cardiff, and Barclays Wealth is trimming five investment and business management positions in Glasgow.
  • Deutsche Bank AG's South African unit will cut 11 positions in Africa. 
  • J.P. Morgan Chase & Co. will also cut less than a handful of jobs in investment banking, equity trading and research and debt capital markets in South Africa, and less than 10 posts will also be slashed at its Cape Town-based fund administration business.
  • General Electric Co. is expected to announce significant layoffs at GE Antares Capital, its middle-market lending arm. Three sources said the reductions would come Tuesday with a fourth saying the layoffs would affect a minimum of 20% of Antares' work force, according to The Deal. 
  • State Street Corp will lay off about 1,200 people in North America and 600 in Europe and Asia in the first three months of 2009.
  • Investcorp, which invests the bulk of its capital in LBOs in the U.S. and Europe, cut 90 positions worldwide, or about 20% of its global work force. The job reductions were in its New York, London and Bahrain offices, according to The Deal's Vyvyan Tenorio.
  • London's 3i Group plc announced it would cut about 100 positions, or about 15% of its worldwide staff.

It is a difficult time right now, but there are firms hiring. Check out TheDeal.com's Career Center for the latest posting. - Maria Woehr

For more read the following:
Bank Layoffs: Credit Suisse, State Street, Carlyle and more
Merrill Grinch: Layoffs and other bad tidings before Christmas
Bank layoffs: J.P. Morgan, Goldman Sachs, Standard Chartered and more
Layoff roundup: WaMu, Barclays and BoNY
The latest layoff roundup: Citigroup, J.P. Morgan, Nomura, Fidelity, HSBC and more
More bank layoffs announced
Another round of bank layoffs



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