Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs. The New York Times reports.
Verizon Communications Inc. (VZ) is planning to cut about 1,000 jobs through buyout offers to employees in order to become more efficient, said people familiar with the matter.
The anonymous tippers further disclosed that the largest wireless carrier in the US has plans to enact these job cuts before the end of the year. The layoffs will amount to less than 1% of the company’s 178,500-strong employee base as of September 30, as per a regulatory filing.
Morgan Stanley reported earnings today that beat expectations. Analysts expected profits of $0.27 a share and the bank reported profits of $0.45 a share excluding accounting charges (see an explanation of that below).
JPMorgan Chase & Co., the biggest U.S. bank, plans to reduce headcount by as many as 19,000 people in its mortgage and community banking businesses through 2014 as Chief Executive Officer Jamie Dimon cuts expenses.
CALGARY — Layoffs at Talisman Energy Inc. announced Wednesday have put an exclamation point on the dramatic fall from grace of a once high-flying segment of Alberta’s oil and gas industry, while raising the prospect of additional pain for producers grappling with low commodity prices.
Calgary-based Talisman, which has cut its 2013 capital budget 25% to $3-billion and plans to raise roughly $500-million this year through asset sales and joint ventures, said 90 employees in its Calgary office were being let go because of low North American gas prices and spending reductions.
OTTAWA — New regulations aimed at helping Canadians resolve disputes with their banks will create a “Wild West” complaints system favouring the banks themselves, critics warn.
The regulations “create a stronger, more independent consumer complaint system,” Finance Minister Jim Flaherty said in a statement issued Wednesday.
Dealbook's Susanne Craig has a piece today about Goldman Sachs president/COO Gary Cohn calling him the "Prince Charles of Wall Street" because sources say he's growing restless waiting for Lloyd Blankfein to move aside so he can be CEO (a.k.a. the king).