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 Banks like HSBC Holdings plc (NYSE:HBC) and Citigroup Inc. (NYSE:C) continue to flood Wall Street and Main Street with pink slips. The announcements come as the nation's largest state California reports unemployment has exceeded 10%. Here are the latest layoff rumors and reports.
HSBC said it would shut most of its U.S. consumer lending business, cutting 6,100 jobs (Pipeline subscribers can read more about the restructuring). Citigroup apparently cut up to 30 of the 230 local staff positions in its Bermuda office, according to the Bermuda Sun. Morgan Stanley (NYSE:MS) is cutting jobs in its Montreal office. A spokeswoman for Morgan confirmed the job cuts but declined to break out how many, according to Street Wise. Bank of America Corp. (NYSE:BAC) is continuing layoffs. Dmitri Rozanov, who led Merrill Lynch & Co.'s Russian mergers and acquisitions business, was part of the bank's recent round of layoffs, according to The Wall Street Journal. Distressed investment firm Sun Capital Partners laid off another 12 staffers, according to peHUB. Last year, the firm cut 10% of its staff of 200. Royal Bank of Scotland Group plc's U.S. subsidiary Citizens Financial Group is restructuring, which could mean layoffs. The bank will "draw back" on a number of efforts, according to a Providence Journal report, including paring back activities in states where the bank isn't among the top five financial institutions. The bank sold 18 branches in the Adirondacks late last year and made a deal to sell its 65 branches in Indiana. AmTrust Bank of Cleveland lost nearly 800 employees, about 30% of its staff, in 2008, according to the Cleveland Plains Dealer. It's rough out there, but there are jobs. For instance, Standard Chartered plc said it would recruit around 2,000 professionals this year. For the latest job postings, check out TheDeal.com's Career Center. For a roundup of all of the announced layoffs to date, check out The Deal's Pink slips on Wall Street Dealwatch or any of the links below. Also feel free to leave us any layoff tips or rumors you are hearing. - Maria Woehr Finance Layoffs: J.P. Morgan, Bank of America and moreFinance Layoffs: Goldman, Merrill and Capital One Finance Layoffs: RBS (LON:RBS), BofA (NYSE:BAC) and more Finance Layoffs: Citi, BofA, Huntington and more Finance Layoffs: Barclays, BofA and more Layoff Watch: Morgan Stanley, DLA Piper and more CategoriesComments Deal Video
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In addition to exiting markets that lack branch presence, Citizens already has already laid off around 1k which occurred at the end of January.