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Finance Layoffs: Barclays, Sun Capital, Wells Fargo and more

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Published January 7, 2009 at 3:02 PM
Pink_Slip_transparent.gifIt may be a new year, but unfortunately there is a lot of the same old gloomy news concerning layoffs in the financial sector. Reports by ADP Employer Services said that U.S. private sector employers shed 693,000 jobs in December, up from 476,000 private sector jobs lost in November. Here is the latest list of Wall Street-related layoff announcements.

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  • British bank Barclays plc is cutting more than 400 technology jobs. The cuts will affect 158 permanent IT staff and 250 contractors in the U.K.

  • Sun Capital Partners Inc., a Boca Raton, Fla., private equity firm, is laying off 23 people. Among those losing their jobs is Gary Talarico, head of the firm's New York office, according to The Deal. See video of Talarico.

  • American Capital Ltd., an East Coast private equity firm, cut 110 positions, leaving just a few remaining in its Chicago office.

  • Boston Company Asset Management, part of Bank of New York Mellon Corp., is laying off 90 people, with 64 of those positions located in Boston.

  • Mizuho Corporate Bank, part of Mizuho Financial Group, will cut between 5% and 7% of its jobs in London, resulting in 50 layoffs.
  • Wells Fargo & Co. is trimming jobs now that its merged with Wachovia Corp. The bank is cutting 53 jobs at its auto loan center in Tempe, Ariz. More layoffs are expected as a result of the merger.
It's a difficult time right now, but there are jobs out there, as our sister publication Corporate Dealmaker notes. The M&A market, followed by the hiring market, will come back once the "psychological funk" lifts, probably in the second half of 2009, Randy Gulian of search firm InSearch Worldwide told The Deal's Suzanne Stevens.

Check out TheDeal.com's Career Center for the latest postings. - Maria Woehr

For more read the following:
Finance Layoffs: Barclays, Citadel, Bank of America and more
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Another round of bank layoffs 


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