More bad news for bankers this Monday -- and not just because the Obama administration forced out the CEO of a Troubled Asset Relief Program recipient over the weekend. There are more reports and rumors of layoffs.
Here are the latest reports:
- Swiss newspaper Sonntag reported that UBS (NYSE:UBS) may need to write down $2 billion more on illiquid assets as part of its restructuring. Along with the write downs the bank could cut 8,000 more jobs. The bank has already cut 7,000 jobs since 2007, according to CNBC.
- J.P. Morgan Chase & Co. (NYSE:JPM) finished it's first round of layoffs as it integrates Washington Mutual Inc. Seattle WaMu Center employees dove from 4,000 people to about 2,000, according to The Seattle Times. That number is likely to continue to fall throughout the year, according to the article. J.P. Morgan could lay off a total of 8,500 WaMu employees in the U.S.
- Commonwealth Bank of Australia subsidiary Bankwest confirmed it would lay off 400 employeese from "non-customer facing" roles. In total, 250 jobs will be cut from its west coast operations and 150 from the east coast, according to ZDNet Australia.
- Asset manager, Schroders PLC made a second round of cuts this month, according to The Wall Street Journal.
- U.K. fund manager Aberdeen Asset Management PLC will chop staff at the institutional-investment business it acquired last year from Credit Suisse Asset Management, according to The Wall Street Journal.
- Malaysia's top investment bank CIMB is urging its staff to go on unpaid leave for up to six months to cut costs in order to avoid layoffs, according to channelnewsasia.com.
It's rough out there, but there are jobs. Boutique firms are hiring as well as large banks such as PNC Financial Services Group. For the latest job postings, check out TheDeal.com's Career Center.
Here is the job of the day:
Investment Banker - VP - Media Sector in New York
For a roundup of all 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
(Follow me on twitter or send me tips: @newsgirlmw)
Also see:
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