Bank of America to cut 30-35,000 jobs, Citigroup to cut 52,000 jobs.

Bloomberg reported this on Thursday, here is an excerpt:

“Dec. 11 (Bloomberg) — Bank of America Corp., the third- largest U.S. bank, said it plans to cut 30,000 to 35,000 positions over the next three years because of its acquisition of Merrill Lynch & Co. and the weak economic environment.

The final number of job cuts won’t be decided until early next year, the Charlotte, North Carolina-based bank said in a statement today. The companies together employ 307,000 people, including about 60,000 at New York-based Merrill Lynch. Bank of America spokesman Scott Silvestri said the “vast majority” of job cuts will come next year.

All lines of businesses and staff units will be affected, and “as many reductions as possible” will be made through attrition, Bank of America said. The companies have already begun dismissing equity analysts, according to a person briefed on the changes.

“They are saying that even though we’ve got the best efficiency of any large bank holding company, we still have extra costs,” said Christopher Whalen, managing director of Institutional Risk Analytics, a market-research firm. “They still have to throw more stuff out of the boat because they have to stay afloat.”

Bank of America is the latest firm to announce a workforce reduction amid the worst financial crisis since the Great Depression. Citigroup Inc. is planning to eliminate 52,000 jobs in the next year….”

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“G 20” World Leaders meet in Washington D.C. to discuss global response to worst worldwide financial crisis in over 70 years.

The following is an excerpt from an article found here at Reuters today:

By David Lawder and Emmanuel Jarry

“WASHINGTON (Reuters) – World leaders pledged rapid action on Saturday to rescue a weakening global economy from the worst financial crisis in over 70 years and agreed to give emerging nations more say in running financial affairs.

The Group of 20 leaders from major industrialized and developing countries set out plans to toughen oversight for major global banks, study limits on banker pay and try for a breakthrough by year end in global trade talks — all part of a roadmap to rebuild a financial system crippled by the credit crisis.

“We must lay the foundation for reform to help ensure that a global crisis such as this one does not happen again,” they said in a statement after their first-ever summit.

They vowed to make progress before a second summit by the end of April.”

The New York Times reported on the global financial emergency “G20” summit, here.

Local West Tennessee Whirlpool/Maytag plant to close, over 500 jobs lost there; more job loss expected as many local suppliers to the plant will also be closing.

The following was originally published here:
October 28th, 2008

Jackson, Tennessee Unemployment Will Rise With Whirlpool Plant Closing

Linda Young – AHN Editor

Jackson, TN (AHN) – Whirlpool’s decision to close its Jackson dishwashing products manufacturing plant and lay off more than 500 employees there is being called the beginning of the recession for west Tennessee by locals.

Whirlpool blamed the global recession, decreased demand, increased costs and falling profits for closing the plant. The 511 workers are among 3,000 American workers who are losing their jobs, along with another 1,900 international workers, mostly in Europe, being laid off by the company.

But the impact of the job losses in Jackson will be huge.

Whirlpool is Madison County’s eighth largest employer and many businesses in the area are suppliers to the plant, so the impact is expected to go beyond the loss of 511 jobs.

The affected employees will be laid off by the end of September 2009 and plant operations will be shifted to the Whirlpool facility in Ohio. It isn’t a good time to lose a job in the area.

Jackson’s unadjusted September unemployment rate was 8.8 percent, up 3 percent from a year ago, and above the national rate of 6.1 percent. There are 2,690 people unemployed in Madison County.

The Whirlpool plant manufactures Maytag, Amana, Magic Chef and Jenn-Air brand dishwashers.