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Finance Layoffs: Lloyds and Beverly National

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Published July 16, 2009 at 8:55 AM
pinkslips_transparent_125x100.gifThe Labor Department says that layoffs are slowing and initial claims for state unemployment insurance are falling. Last week unemployment claims fell 47,000 to a lower-than-expected seasonally adjusted 522,000, according to CNBC.

But not all employers are taking the hint, and more layoffs in the finance industry have been announced. The latest announcements are at Lloyds Banking Group plc, McGraw Hill Cos. Inc. and Beverly National Bank.

  • Lloyds is slashing 1,200 jobs in its group operations and insurance business. Many jobs will be transferred, but 650 permanent roles will be cut by the end of March 2010. The cuts will be in Edinburgh, Southend and Halifax, U.K., according to Reuters.
  • There may be some layoffs when Beverly National Bank merges with Danversbank later this year, but officials have not announced how many yet. Beverly National has 110 full-time employees, according to Wicked Local Beverly and The Salem News.
  • McGraw-Hill Cos Inc. (NYSE:MHP), the parent of rating agency Standard & Poor's is cutting 550 jobs. Some 85 people from the financial services division were let go, according to Reuters.
It's a tough employment market for financial professionals, but there are jobs as companies are hiring. In fact, Societe Generale SA is hiring 40 bankers, and the SEC is hiring as well. Here's our pick of the day from The Deal's Career Channel:


Investment Banking Analyst in San Francisco

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 @newsgirlmw

Also see:

Finance Layoffs: GE Capital to lay off 127

Finance Layoffs: Wells Fargo and Advanta

Finance Layoffs: Colonial, DLA Piper and more

Finance Layoffs: Wells Fargo, Stanford and more

Finance Layoffs: 467K jobs lost

Finance Layoffs: Wells Fargo and more

Finance Layoffs: Lloyds, GE Capital and more

Finance Layoffs: HSBC, LSE and more

Finance Layoffs: Jobless claims rise

Finance Layoffs: Barclays and more

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