Bad news for those working in the finance industry. More layoffs have been announced, and more could be on the way. The latest reports and rumors of layoffs are at BB&T/Colonial Bank (NYSE:BBT) and MassMutual Financial Group, and investment banks on Wall Street may see more layoffs soon.
- BB&T said that some employees could be transferred and some will lose their jobs as the bank merges with failed Colonial Bank, according to the Montgomery Advertiser.
- MassMutual Financial Group laid off 160 workers Tuesday as it continues to restructure, according to Masslive.com.
- J.P. Morgan Chase & Co. (NYSE:JPM) reported that investment banks -- such as J.P. Morgan, Citigroup Inc. (NYSE:C), Morgan Stanley (NYSE:MS), Goldman Sachs Group Inc. (NYSE:GS) and Bank of America Corp. (NYSE BAC) -- could see return on equity fall to 11% in 2011. This means that banks may slash bonuses and layoff employees to compensate, according to the Financial Times.
Even though several companies are laying off employees, several are also hiring. Check our job opening
pick of the day from The Deal's Career Channel:
Associate- Private Equity Fund of Fund/Secondary Fund in BostonFor 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
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