Update 2: Commerzbank to Cut 900 Banking Employees
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Commerzbank AG said Tuesday it had narrowed its third-quarter net loss but was slashing 900 of the 1,275 jobs in its investment banking division, practically eliminating the unprofitable department.
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Connecticut's attorney general, Richard Blumenthal, said yesterday that Bank of America Corp. told him it would cut 100 jobs in Connecticut but add about the same number, marking the first time the bank has given any state an account of how many employees would be affected by its merger with FleetBoston Financial Corp.
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French insurance firm AGF, part of Germany's Allianz , is planning to cut between 1,500 and 2,000 jobs, a newspaper reported on Saturday, and the company said it was consulting with staff on boosting competitiveness.
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Bank of America Corp. said yesterday it will slash 3,000 jobs from its workforce of nearly 200,000 and move its top Boston executive to New York to take over the company's troubled investment banking unit.
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Bank of America said today it will cut about 2.5 percent of its work force beginning this month as a result of its merger with FleetBoston.
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Job cut announcements by US employers totaled more than 100,000 for a second month in October, suggesting companies may trim work forces in anticipation of fewer orders, a private survey found.
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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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Singapore-based electronics manufaturer Flextronics plans to lay off 900 workers in Hungary in response to falling market demand for products assembled at one of its plants, spokesman Gabor Sarlos said.
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Commerzbank AG said Tuesday it had narrowed its third-quarter net loss but was slashing 900 of the 2,000 jobs in its investment banking division, practically eliminating the unprofitable department.
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Deutsche Bank took a pretax charge of $787 million for the fourth quarter to pay for job reductions, including about 1,900 positions in Germany.
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Alaska Airlines announced major expense-reduction surgery Thursday, trimming 900 workers from its payroll and closing its maintenance base.
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LONDON (CBS.MW) - Commerzbank AG, Germany&#39;s third largest bank by market value, unveiled plans on Tuesday to cut jobs and scale back its unprofitable investment banking division.
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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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Financial companies slashed 52,500 jobs from July to December 2007, revealing how badly the subprime debacle has hurt these employers, but such companies based in New York City hired 1,900 people during that period, a new report said on Wednesday.
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HSBC Holdings Plc , Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking $945 million in charges and write-downs, because the business is no longer sustainable.
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The decision comes on top of 12,500 job cuts that the bank initially said it would eliminate during the merger. The bank&#39;s move drew fire from two Massachusetts
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Credit Suisse First Boston, the securities arm of Switzerland&#39;s second-biggest bank, plans to cut costs by combining some units and eliminating jobs, people familiar with the matter said.