U.S. banks cut, or plant to cut, more than 2,000 positions during the second half of this year. Many of the layoffs are directly tied to acquisitions made since last year.
An analysis by MortgageDaily.com of Worker Adjustment and Retraining Notification filings indicated that U.S. Bank planned 108 third-quarter layoffs in Newport Beach, Calif. WARN filings are required 60 days in advance of layoffs involving more than 50 employees.
U.S. Bank — which acquired Newport Beach-based Downey Savings and Loan Association, F.A., after it was seized by the Office of Thrift Supervision in November 2008 — plans another 990 Newport Beach layoffs during the fourth quarter.
Downey had just 2,260 employees when it failed.
JPMorgan Chase & Co. and its subsidiaries laid off 408 employees during the third quarter. The layoffs were concentrated in California, where Stockton bore the brunt of the job cuts — though 55 were reported in Florida.
Chase notified California that it intended to layoff 584 people during the fourth quarter, including 55 at a San Diego Chase Home Lending location. Many of the layoffs are likely tied to last year’s acquisition of failed Washington Mutual Bank.
The demise of Taylor, Bean and Whitaker Mortgage Corp. prompted a WARN filing in Florida that indicated 964 employees were laid off on Aug. 5. Before its demise, headcount was more than 2,000.
The New York law firm of Outten & Golden LLP issued an Aug. 10 statement calling Taylor Bean’s handling of its demise a “pump-and-dump” scheme that unnecessarly raised the hope of the employees just before its collapse. The law firm is attempting to assemble groups of laid-off employees who might have been victims of WARN act violations.
Servicing software provider Fiserv reported to the State of Illinois that 290 Aurora layoffs planned for March 2010.
Wells Fargo & Co. cut its Florida workforce by 186 during the third quarter, while its North Carolina headcount was reduced by 62.
In Tacoma, Wash., KeyCorp reported 240 August layoffs.
Bank of America Corp. eliminated 81 “finance and insurance” jobs in Tampa during August. Fourth-quarter layoffs at the Charlotte, N.C.-based institution included 68 in Concord, Calif., and 50 in Fort Lauderdale, Fla.
In August, HSBC reduced headcount by 116 in Salinas, Calif. Fourth-quarter HSBC layoffs included 37 more in Salinas and 49 in Bridgewater, N.J.
In Ohio, PNC Financial Services Group Inc. filed WARN notices for 146 October layoffs. The layoffs were related to its Dec. 31, 2008, acquisition of National City Corp.
During the third quarter, Banco Popular North America laid off 95 employees at several Southern California locations.
The Federal Reserve Bank of Richmond filed a WARN notice with North Carolina for 52 planned Mecklenburg county layoffs in October.
