More bad news for bankers. There are reports and rumors that Lloyds Banking Group (NYSE:LLOY), Bank of America Corp. (NYSE:BAC), Capital One Financial Group (NYSE:COF) and Sovereign Bank (NYSE:SOV) will be laying off employees in the next few weeks.
- Lloyds Banking Group will cut 985 jobs across the company, according to Reuters.
- Bank of America may lay off more employees in its municipal departments in the coming weeks as it integrates Merrill Lynch. The bank
is cutting roughly 40% of its employees in the division, according to The Bond Buyer.
- Sovereign is eliminating 40 district executives who oversee bank branches and four marketing executives, according to SILIVE.com.Two of the top executives, Dan McOlvin, the retail market executive for SI Bank & Trust, and Todd Abramson were included in those reductions.
- Capital One Financial Corp. has told about 60 employees their jobs are being cut. The
layoffs are in the U.S. Card division. About 40 of the layoffs will
be in the Richmond, Va., according to Forbes.
- Wells Fargo & Co. (NYSE:WFC) is apparently announcing that it will cut 40% of employees,
beginning Thursday and lasting through the week for legacy Wachovia
employees in LevFin, M&A, DCM and IB, according to Dealbreaker.
It's rough out there, but there are jobs to be found. For the latest job postings, check out TheDeal.com's Career Center. Here is our pick for the day:
Valuation Risk Professional- Equity & Equity Derivatives 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)
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