Posts Tagged ‘Job Losses’
As the perception of a slowdown continues the perceived over-employment picture might indicate a need for layoffs. It sounds like market agitators in the oil industry where fear of a hurricane that might agitate Nigerian rebels who could… – you get the picture. Anyway, it is close enough for some. More layoffs were announced as Goldman Sachs Group Inc and Credit Suisse Group on Friday said they will cut about 2,000 job worldwide as a credit crisis puts a damper on fixed-income trading and corporate dealmaking.
Do you think this could have been part of the problem to begin with? IndyMac said it is laying off employees, including some temporary staff in India. The layoffs will cut the work force by 24 percent, with approximately 2400 employees losing their jobs. The layoffs follow a reduction of about 1,600 workers last year through voluntary resignations. The Pasadena California based company ended 2007 with a work force of 9,938 employees.
Bank of America is making more changes although some may be lost in the news about BofA’s acquisition of Countrywide. Let us not overlook job losses as the bank said on Tuesday it would eliminate 650 corporate and investment banking jobs and sell its equity prime brokerage business. Bank of America will cut back operations in structured products such as mortgage and asset-backed securities and collateralized debt obligations. That’s probably a good idea since very few trust the investments completely.