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Screwed: 21,000 at General Motors

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

General Motors announces another massive restructuring plan that involves closing 13 plants and laying off another 21,000 employees… Riverside County announces possible 1,000 layoffs as part of a new 2009-2010 budget… Magna International Inc. will temporarily lay off about 725 employees as it cuts production at its St. Thomas plant next month… Stanley Works plans to cut another 550 jobs by the middle of the year… The May issue of Portfolio will be its last as the publication is being shutdown, laying off upwards of 80 employees.

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

More bad news for bankers. Layoffs have been announced at American Express Co. (NYSE:AXP), HSBC Holdings plc (NYSE:HSBC), Legg Mason and more.

• American Express is planning another round of layoffs. CFO Dan Henry said during the company’s first-quarter results, “We are planning to implement another round of actions, including staff reductions, in the second quarter,”according to The Wall Street Journal.
• HSBC has laid off 100 private bankers in Hong Kong, according to The Asian Banker.
• Legg Mason has laid off 24 workers at its corporate office in Baltimore, Md., according to The Advocate.
• The Wells Fargo & Co. (NYSE:WFC)-Wachovia and Morgan Stanley (NYSE:MS)-Citigroup Inc. (NYSE:C) Smith Barney deals could lead to more broker layoffs. Alois Pirker, a brokerage analyst with research firm Aite Group, told the The Wall Street Journal that each firm could drop employees to a range of 16,000 to 17,000 brokers over the next year.
• The U.S. Treasury Office of Thrift Supervision closed First Bank of Idaho Friday. Some of the 110 employees will be laid off, according to Jackson Hole Daily.

It’s rough out there, but there are jobs to be found. Moelis & Co. is hiring and so are Jefferies Group Inc., Cantor Fitzgerald LP and BTIG LLC.

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

Tags: economy, employers, General Motors, layoffs, News, The Unemployed Life