Banks, Job Cuts | featured news

Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation....

British banking group HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets.

Banking group HSBC Holdings Plc may cut more than 10,000 jobs as part of its plan to slash costs by up to $3.5 billion a year, Sky News reported Thursday.

HSBC said that it is to cut around 700 jobs from its retail-banking operations in the U.K., ahead of major regulatory reforms that are set to affect the domestic industry's advisory business.

The banking industry, racked by the financial crisis and facing slower revenue growth, is starting to cut costs—increasingly at the expense of jobs.

Lloyds Banking Group said it was reorganizing its group and wholesale operations, which would result in a loss of 2,100 jobs over the losses already announced.

UBS AG says it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and that will cut 8,700 jobs by the end of next year.

The head of J.P. Morgan Chase's retail banking operations said Thursday that the firm plans to trim 12000 jobs from the headcount of Washington Mutual employees.