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 crisis. Capital Group managed $850 billion in assets in March, down from $1.2 trillion in 2007.

Capital Group cut 500 jobs in February.

The Capital Group Companies is one of the world’s largest investment management organizations. It is a group of investment management companies, including Capital Research & Management, American Funds, Capital Bank & Trust, Capital Guardian, and Capital International. The firm was founded in 1931 by Jonathan Bell Lovelace.

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 $14 million.

The jobs will be created over the next five years. JPMorgan Chase currently employs 14,000 in Ohio.

JPMorgan Chase is one of the oldest financial services firms in the world. It is a leader in financial services with assets of $2.3 trillion, and the largest market capitalization and deposit base of any US banking institution. Formed in 2000 when Chase Manhattan Corporation acquired JP Morgan, the firm serves many of the world’s most prominent corporate, institutional and governmental clients.

The Fortune 500 company, which manufactures credit and debit cards, is moving 50 jobs from its location in Boston, which shut down this month. Another 260 jobs will come from the shuttered plants.

Fifty new employees will be hired in Hazelwood, population 25,500.

Fiserv provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing, software and systems solutions. The company serves more than 18,000 clients worldwide.

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 services corporation, with assets of $291 billion in 2008. PNC operations include a regional banking franchise operating in eight states and the District of Columbia, specialized financial businesses serving companies and government entities, and leading asset management and processing businesses. PNC is America’s 5th largest bank by deposits, and is the third largest bank off-premise ATM provider in the country.

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 before the bank collapsed in September; an estimated 10,500 were left jobless after the bank collapsed.

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 10.5% unemployment rate.

Unemployment in New York City hit 11% in 1990.

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 London, Singapore and Sydney were not affected by the layoffs.

Acadian Asset Management is owned by Old Mutual, the London insurance and fund management group.

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, including $8.6 billion in preferred stock.

BofA is expected to cut as many as 4,000 jobs, a Merrill Lynch executive told the newspaper. Most of the cuts will occur among BofA legacy employees.

BofA has said it expects to eliminate as many as 35,000 jobs over the next three years, as it seeks to cut annual expenses by $7 billion in response to the acquisition and the recession.

At the end of 2008, BofA employed 243,000 and Merrill employed about 56,000.

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 also suggests that this year may be a good time to consider temporary project work…. Industry analysts often look to the temporary staffing agencies as predictors of the economy to come, and business has generally been sluggish. One bright spot is accounting work.

“Even when business is bad, someone has to keep records of the wreckage,” said Edward Baumstein, chief executive of the SolomonEdwards Group, a national recruitment company specializing in accounting and business services.

Original article.

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 will cut 8% of the company’s workforce. About 80 percent of those jobs have already been cut through staff reductions, attrition and the elimination of open positions. Among the roughly 830 job cuts, the remaining cuts will take place during 2009.

Executives will receive no bonuses for 2008 and their salaries will be frozen in 2009.

Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 194 offices throughout the state.