More Layoffs in the Finance World

The long holiday weekend is over, and it was back to work today. For some.

The finance world continues to see casualties in terms of employment, and not everyone is coming back to work. With banks losing ground, and investors unsure of what Quarter 2 earnings will show, it is little surprise that there have been more layoffs announced. Dealscape offers these layoffs from prominent corporations:

• Wells Fargo announced more layoffs in credit card divisions, but didn’t say how many would be going. Credit card divisions are having trouble as defaults mount.
• A number of companies owned by R. Allen Stanford (accused of a massive Ponzi scheme) are announcing layoffs. This is not surprising, since a great deal of restructuring is going on with those companies.
• Western Corporate Federal Credit Union has already fired some employees, and plans fire more before the end of the year.

With the unemployment rate at 9.5% the last thing the labor market needs is more layoffs. However, with a slow economy, businesses are having to cut costs — and that means getting rid of people who are causing issues with the bottom line.

Image source: Coolcaesar via Wikipedia