There's more layoff news this morning: The latest reports and rumors of cuts include J.P. Morgan Chase & Co. (NYSE:JPM), Raptor Global, Aegon USA (NYSE:AEG) and MetLife Inc. (NYSE:MET).
Those pink slips are piling up, but fortunately it looks like planned job cuts are slowing down. According to a new report by Challenger, Gray & Christmas Inc., planned layoffs at U.S. firms fell by 16% in
May,
Reuters reported.
However, many firms are still announcing layoffs and shutting down businesses to make ends meet. Here are the latest rumors and reports.
- J.P. Morgan is shutting
down its Principal Investment Management Group's hedge fund
business and private equity division, Bloomberg reported. Many
of the 150 employees will move to other parts of the
firm, according to the report.
- Raptor Global hedge funds
will shut down, according to Bloomberg.
- Aegon USA is eliminating about 50 jobs in its
investments division in in Cedar Rapids, Iowa. Aegon USA Investment Management will cut 13 positions, "during the next few weeks," but 125
positions"handling life insurance administrative functions" will
be axed over several months. Remaining employees jobs will be transferred to Louisville, Ky., according to TradingMarkets.com.
- MetLife could lay off 250 employees by the end of this week. Those affected, which include around 45 employees in IT,
were notified last Tuesday. More cuts could be coming in September and December, according to Layoff Tracker.
It's a tough employment market for financial professionals, but
there are jobs. Silver Bridge Advisors, a Boston-based wealth advisory boutique,
is hiring. Here's our
pick of the day from The Deal's Career Channel:
Vice President Investment Banking - Financial Services at Greythorne Associates
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 or hiring rumors you are hearing. - Maria Woehr
(Follow me on twitter or send me tips: @newsgirlmw)
Also see:
Pink slips on Wall Street
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Finance Layoffs: Principal Financial and Citizens Bank
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Finance Layoffs: Law firm pink slips
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Merrill Grinch: Layoffs and other bad tidings before Christmas
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More bank layoffs announced
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Many people are getting involved in investing as a way to plan and save for the future. Investments after all can be changed from job to job and can handle changes in the work force that job specific retirement plans may not be able to.