Screwed: 2,000 at BASF

A daily review of the employment fallout around the country and the world.
Germany chemical company BASF plans to layoff at least 2,000 employees… The University of Washington is laying off up to 800 staff positions to take effect before the next fiscal year begins in July… Sovereign Bank plans to eliminate 950 jobs… Abercrombie & Fitch will cut 170 jobs in its Columbus, Ohio headquarters…

Recession Briefing 4.17

What you need to know today to survive and thrive in the recession.

There are new signs that the recession may be easing up. The pace of new-home construction seems to be nearing a bottom, and first-time jobless benefit claims fell more than expected. (Associated Press)

The banking industry is also starting to see some signs of recovery. JPMorgan Chase, Goldman Sachs and Wells Fargo have announced major profits this quarter. (New York Times)

Nobel Prize-winning economist Joseph Stiglitz says that the Obama Administration’s ties to Wall Street will doom its bank-rescue efforts. (Bloomberg)

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…

Recession Briefing 4.16

What you need to know today to survive and thrive in the recession.

The Treasury Department is giving six large lenders as much as $9.9 billion each to modify mortgages that are in danger of defaulting. (Wall Street Journal)

The number of weekly initial jobless claims declined sharply this week to 610,000. That’s a decline of 53,000 from the prior week. (CNN/Money)

Advertisers have started to ramp up recession-themed campaigns, many of which, naturally, are repurposing the phrase “stimulus package.” (New York Times)

Screwed: 8,700 at UBS

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

Swiss bank UBS will cut 8,700 jobs by 2010… KLM airlines plans to let go of up to 3,000 employees by 2011… Yahoo prepares to fire at least 500 employees by June… Russell Investments is laying off 400 employees from Tacoma, Washington…

Bank of America, 6:55 p.m.

These days, bankers may be wankers, but at least you know they’re not going home early…

Recession Briefing 4.3

What you need to know today to survive and thrive in the recession.

The U.S. economy shed 663,000 jobs last month, raising the unemployment rate to 8.5%. The number was slightly higher than had been expected. (AP)

A record 32.2 million people were receiving food stamps in January, representing about 10 percent of the country. This is the third time in five months that the program’s enrollment has set a new record. (CNN/Money)

If you come across a good article or blog post about the recession pass it on.

Screwed: 1,000 at HSBC?

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

HSBC Holdings Plc. may cut 1,000 jobs in the UK… IBM will give more than 300 North Carolina employees the axe today… Synovus Financial Corp. is laying off 200 employees in its second round of layoffs since last September… Gibson Guitar will give 70 employees the axe…

From Your Wallet to…Where?

Okay, okay, so you already knew that you’re spending less—or trying to. And that half your friends are preaching pocketbook prudence while the other half are pleading poverty.

But the folks at Chase, one of the few banks in the country still making money (just) have kindly cobbled together some stats to show how we’re spending ours—and how we’re not. (Download the document here.)

Are We Bailing Out the Wrong Banks?

Earlier today, The Wall Street Journal reported that the Obama administration is considering putting pay restrictions on banks that get big bailout bucks. Top execs of the companies wouldn’t be able to get severance and would have their bonus pools cut 40 percent. (It’s not clear which companies this would be.)

Of course, not everyone likes this plan:

If the government imposes caps or other limits on compensation, some bankers worry that the most talented people will flee to firms that are less regulated.

It’s not a new argument. But according to this logic, capping pay would make smart people go to banks that didn’t need “exceptional aid” to stay alive—presumably, the stronger, smarter banks.