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Finance Layoffs: AIG, Nat City and J.P. Morgan

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Published April 9, 2009 at 9:29 AM

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The most recent layoff rumors and reports are at American International Group Inc. (NYSE:AIG), J.P. Morgan Chase & Co. (NYSE:JPM) and National City Bank.

AIG is laying off employees at its 21st Century Insurance subsidiary. The company laid off about 7% of its employees across 21st Century's 38 offices nationwide. A unit in Delaware, which employs 750 employees, received pink slips, according to the Delaware Wire. The company is closing its Long Beach office in California and let go of nearly 500 workers, according to the Los Angeles Times. Meanwhile a neighboring office in Woodland Hills, Calif., lost 50 employees, according to the San Fernando Valley Business Journal.

J.P. Morgan Chase is soon expected to dole out pink slips to 3,400 Washington Mutual Inc. employees as part of its integration of the bank, according to The News Tribune.

First Niagara Financial Group has agreed to buy 57 National City Bank branches from PNC Financial Services Group Inc. (NYSE:PNC). First Niagara said it would keep about 500 National City employees, according to the TribLive News.

It's rough out there, but there are jobs. For the latest job postings, check out TheDeal.com's Career Center. Here is our pick for the day:

Private Banking Wealth Planner at Credit Suisse 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:

Finance Layoffs: Citizens, J.P. Morgan and more

Finance Layoffs: RBS, BofA and HSBC

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From: Christopher Trottier,

This is sad, but the truth is all those people being laid off will find another job. They've got degrees. They've got social status. And frankly, we are bailing AIG out now but this won't always be the case.

High school dropouts, on the the other hand, that is costing us just as much as AIG and these are the people most likely to suffer. Lacking an education is a sentence to poverty. The American Public spends $100 million on high school dropouts each year. Why don't we cry foul on this scandal?

http://www.huffingtonpost.com/keli-goff/a-scandal-more-shameful-t_b_184728.html

Posted on: April 9, 2009 4:46 PM

From: Friend of JPMC Employee,

JP Morgan Chase is giving out the pink slips as I type and not just to WAMU employees. They are offering a 52-weeks pay severance package; employees laid off after the 14th will receive a much smaller package.

Posted on: April 13, 2009 11:44 AM

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Finance Layoffs: AIG, Nat City and J.P. Morgan

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