Los Angeles’ Capital Group, owner of asset manager America Funds, will cut 820 jobs, nearly 10% of its workforce. The layoffs are taking place this week and next week. The company employs about 9,000 people worldwide. America Funds and other asset managers have seen investors yank record amounts of money from mutual funds due to the financial [...]
Continue reading...Tuesday, May 19, 2009
JPMorgan Chase will create 1,000 jobs in Columbus, Ohio, after the city council voted to approve more than $6 million in tax incentives. The incentives include a 10-year tax credit valued at $4.5 million, and an eight-year Job Growth Incentive worth $1.8 million. The State of Ohio has approved a 15-year, 75% tax credit valued at [...]
Continue reading...Friday, May 15, 2009
Milwaukee, Wisconsin’s Fiserv is consolidating plants in Westport and Olivette, Missouri, plus a Boston office, into a single warehouse in Hazelwood, Missouri. The deal will move 300 jobs to north St. Louis County. The Fortune 500 company, which manufactures credit and debit cards, is moving 50 jobs from its location in Boston, which shut down this [...]
Continue reading...Monday, May 11, 2009
PNC Financial Services Group plans to add 400 jobs to its residential mortgage banking center in Downers Grove, Illinois. The firm will get $6.2 million in incentives, including tax incentives from the Economic Development for a Growing Economy program. PNC will spend $14.6 million on the operation. Founded in 1852, Pittsburgh’s PNC Financial Services is a financial [...]
Continue reading...Thursday, April 16, 2009
According to Reuters, banks, insurers and asset managers worldwide have announced 373,760 job cuts since August 2007. The five firms that top the list for layoffs are Citigroup with 75,000 jobs cut; Bank of America with 45,500; JP Morgan with 23,700; UBS with 19,700; and HSBC with 16,250. Collapsed Lehman Brothers made about 6,000 job cuts made [...]
Continue reading...Thursday, April 16, 2009
New York City’s Wall Street financial district lost 3,100 workers in March. The state’s Department of Labor says just 169,200 employees remain at the heart of the nation’s financial industry. Unemployment rates in both New York City and New York State were unchanged in March, at 8.1% and 7.8%, respectively. But the Bronx by itself has a [...]
Continue reading...Sunday, April 12, 2009
Acadian Asset Management has cut 8% of its workforce, or 16 people, “to help the quantitative equities manager make more senior opportunistic hires in the future.” I’ve done 10,000 of these stories, and I’ve never heard that excuse before. The cuts will come from back office and support staff in its Boston headquarters. The firm’s affiliates in [...]
Continue reading...Tuesday, January 20, 2009
Bank of America is expected to cut several thousand jobs in its capital-markets division beginning this week, according to The Financial Times, which cites executives familiar with the matter. Most of the cuts are slated to take place in New York. The layoffs come several weeks after Charlotte, North Carolina’s BofA bought Merrill Lynch for $29.1 billion, [...]
Continue reading...Sunday, January 18, 2009
The employment landscape for 2009 looks really, really bad. But it might not be so bad for accountants. From AccountingWeb.com: According to staffing firm Robert Half International, …researchers are predicting a 3.4 percent salary increase for finance and accounting staff. Not surprisingly, most in demand are professionals who can help companies reduce inefficiencies and increase profits. Robert Half [...]
Continue reading...Friday, January 16, 2009
MIlwaukee financial services firm Marshall & Ilsley posted a Q4 loss, and will cut jobs and slashing its dividend as it faces mounting loan losses. The firm, which operates regional banks and investment & financial management firms, lost $403.9 million in Q4, compared with earnings of $493.9 million during the same quarter last year. Marshall & Ilsley [...]
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Friday, June 5, 2009
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