News

Screwed: Possibly 1,600 in Chicago

A daily review of the employment fallout around the country and the world.

The City of Chicago’s Mayor Daley may be forced to lay off up to 1,600 city workers… Petro-Canada is laying off up to 200 employees… 121 workers could be losing their jobs in Monmouth County, NJ… Kansas City Harley-Davidson plant is firing another 70 employees as  part of its restructuring… Vectrix, the electric scooter manufacturer, is laying off 60 employees… Japan’s Nomura Holdings has laid off 50 investment bankers in Asia.

Read more about layoffs at the sites compiled on our layoff tracker page.

More bad news for bankers. Around the world, banks, insurers and asset managers have cut 373,760 job since August 2007, according to Reuters. Unfortunately, those pink slips are still coming.

The latest rumors and reports of layoffs come from Wells Fargo & Co. (NYSE:WFC), Citigroup (NYSE:C), UBS (NYSE:UBS) and more.

• Citigroup is reportedly cutting staff at its Global Wealth Management unit, according to Dealbreaker.
• Wells Fargo is chopping 15% to 20% of its staff in the law department. Layoffs will start as early as next week and will continue through June 1, according to Abovethelaw.
• UBS (NYSE:UBS) is expected to lay off 1,000 to 2,000 employees in the United States over the next several days as part of its restructuring, which includes worldwide layoffs of 8,700, according to Investment News.
• Nomura has axed about 50 investment banking jobs in Asia, including India, as a part of its cost cutting measures, according to Reuters.
• HSBC (NYSE:HSBC) may move the jobs of 1,000 Salinas, Calif. employees who work in the fraud-mitigation department to Chicago or Buffalo, N.Y. as part of the companies consolidation, which will begin in June, according to The Californian.
• Ernst & Young (NYSE:ERNY) is asking employees in China to take a 40 day low-pay leave between anytime between July 2009 and June 2010 to save operating costs, according to Reuters.

It’s rough out there, but there are jobs. For instance, the Federal Deposit Insurance Co. is hiring. For the latest job postings, check out TheDeal.com’s Career Center. Here is our pick for the day:

Hedge Fund Special Projects / MD-level position in New York

For a roundup of all the announced layoffs to date, check out The Deal’s Pink Slips on Wall Street Dealwatch. – Maria Woehr

Tags: banks, budgets, Chicago, layoffs, Screwed