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Finance Layoffs: Wells Fargo, Citi and more

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Published April 16, 2009 at 1:13 PM

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More bad news for bankers. Around the world, banks, insurers and asset managers have cut 373,760 job since August 2007, according to Reuters. Unfortunately, those pink slips are still coming.

The latest rumors and reports of layoffs come from Wells Fargo & Co. (NYSE:WFC), Citigroup (NYSE:C), UBS (NYSE:UBS) and more.

Citigroup is reportedly cutting staff at its Global Wealth Management unit, according to Dealbreaker.
Wells Fargo is chopping 15% to 20% of its staff in the law department. Layoffs will start as early as next week and will continue through June 1, according to Abovethelaw.
UBS (NYSE:UBS) is expected to lay off 1,000 to 2,000 employees in the United States over the next several days as part of its restructuring, which includes worldwide layoffs of 8,700, according to Investment News.
Nomura has axed about 50 investment banking jobs in Asia, including India, as a part of its cost cutting measures, according to Reuters.
HSBC (NYSE:HSBC) may move the jobs of 1,000 Salinas, Calif. employees who work in the fraud-mitigation department to Chicago or Buffalo, N.Y. as part of the companies consolidation, which will begin in June, according to The Californian.
Ernst & Young (NYSE:ERNY) is asking employees in China to take a 40 day low-pay leave between anytime between July 2009 and June 2010 to save operating costs, according to Reuters.

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

Hedge Fund Special Projects / MD-level position 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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Comments

From: Dr. Dale Archer,

Budget cuts during this time in our economy are a real fact of life, but there is a wrong way and a right way to trim the so called “fat.” Changes must be perceived as fair!

If pay cuts need to be made, they must start at the top and then filter down. If layoffs are to be made, they should be performance based and employers must do everything they can to help there employees find other jobs and also provide as much severance as you can be afforded.

You never know, you may turn back to these same people during good times and it always good to do the right thing!

Posted on: April 24, 2009 4:33 PM

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Finance Layoffs: Wells Fargo, Citi and more

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