Lender to Cut 2,400 Employees, Including Sales Staff in India
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The mortgage lender IndyMac Bancorp said that it would cut its work force by 24 percent.
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Bank of America Corp. will make further cuts to its work force, eliminating another 4,500 positionsâor 2.5 percent of its employee baseâduring the next six months.
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Bank of America Corp  said it  will lay off about 2,500 workers in Illinois and 1,500 in  Michigan over the next two years in connection with its $21  billion purchase of LaSalle Bank Corp from Dutch bank ABN AMRO  Holding NV .
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CHARLOTTE, NC -- Bank of America said Thursday it will cut about 4,500 jobs, or about 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps.
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Bank of America Corp  said it will lay off about 2,500 workers in Illinois and 1,500 in Michigan over the next two years in connection with its $21 billion purchase of LaSalle Bank Corp from Dutch bank ABN AMRO Holding NV .
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The new owners of music label EMI Group Â home of the Rolling Stones, Coldplay and the Spice Girls Â said Tuesday that they plan to cut up to 2,000 jobs, or more than a third of its work force, in a restructuring aimed at offsetting the impact of falling revenue from CD sales and the departure of several of its major artists.
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The company reported a second-quarter loss after the company cut jobs to compensate for declining sales.
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General Electric Co.'s  consumer finance arm plans to close 60 percent of its personal loan branches in Japan and shed up to 400 employees amid an industrywide slump prompted by tighter regulation.
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Lehman Brothers Holdings Inc said on  Thursday it will fire 850 workers in its mortgage operations,  just two weeks after the fourth largest investment bank said it  was closing its subprime mortgage lending business.
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IndyMac Bancorp Inc , one of the largest U.S. mortgage lenders, said on Tuesday it is eliminating 2,403 jobs, or 24 percent of its workforce, to cope with deteriorating housing and capital markets.
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Bank of America said Thursday it will layoff 4,500 employees as part of the companyâs ongoing integration of FleetBoston Financial.
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Bank of America plans to cut about 150 city jobs as it trims its overall staff by 4,500, people familiar with the situation said. The cuts at the bank, which already said it would slash 12,500
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Lehman Brothers Holdings Inc said on Thursday it will fire 850 workers in its mortgage operations, just two weeks after the fourth largest investment bank said it was closing its subprime mortgage lending business.
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Bank of America said Thursday it will cut about 4,500 jobs, or about 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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ABN AMRO is to cut 2,850 jobs in its IT, investment banking and corporate banking divisions as part of a plan to cut a total of â¬770 million in costs from 2007.
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ABN Amro, the Netherlands&#39; largest bank, is to cut 2,850 jobs as a result of falling profits. The cuts - amounting to 3% of the bank&#39;s workforce - will result in a one-off charge of 790m euros ($1.1bn).