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Banking Industry Layoffs

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BUSINESS
September 13, 1991 | JAMES BATES, TIMES STAFF WRITER
First Interstate Bancorp, feeling the effects of the soft California economy and a continuing slide in the state's real estate market, said Thursday that it is cutting its work force by 3,500, with as many as half of the layoffs expected in California. The layoffs are part of a companywide restructuring that will result in a $200-million loss in the third quarter. The bank will take a $90-million third-quarter charge, mostly for severance pay.
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BUSINESS
July 19, 2001 | From Bloomberg News
American Express Co. said Wednesday that it will eliminate 4,000 to 5,000 jobs and take an $826-million pretax charge as junk bond losses reduced profit at the credit card company for a third consecutive quarter. American Express, whose stock is the worst performer in the Dow Jones industrial average this year, also will take a third-quarter charge of $310 million to $370 million to cover expenses related to the job cuts.
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BUSINESS
August 13, 1991 | SUSAN MOFFAT, TIMES STAFF WRITER
The merger of BankAmerica Corp. and Security Pacific Corp. could mean some of the most massive banking industry layoffs in recent history, with as many as 20,000 workers--more than 20% of the two banks' employees--losing their jobs and several hundred branches becoming targets for closure, analysts say. The banks won't yet say how many people they expect to lay off.
BUSINESS
July 29, 2000 | EDMUND SANDERS, TIMES STAFF WRITER
Bank of America said Friday that it plans to slash an additional 10,000 jobs nationwide, a sign that large U.S. banks are starting to look internally for new ways to boost profits now that the merger craze has cooled. The cuts--equal to about 7% of the bank's total work force--are on top of the nearly 25,000 jobs that were eliminated after the 1998 merger of Bank of America and NationsBank Corp., including nearly 14,000 layoffs. The Charlotte, N.C.
BUSINESS
July 18, 1990 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
Wells Fargo & Co. said Tuesday that it agreed to buy all of troubled Great American Bank's 130 California branches for $492 million in a deal that will greatly strengthen Wells Fargo's market position in Southern California. The sale also represents a desperate bid for survival by Great American, a once financially strong savings and loan that has fallen on hard times with the deterioration of its Arizona loan portfolio.
BUSINESS
October 27, 1988 | DOUGLAS FRANTZ, Times Staff Writer
In a top-level shake-up before Union Bank is acquired by a subsidiary of Bank of Tokyo, sources say three key executives are leaving Union and that its president will be elevated to head the Los Angeles division of the newly merged bank.
BUSINESS
July 6, 1988 | TOM FURLONG, Times Staff Writer
In an economy move, Cal Fed Mortgage in Los Angeles is laying off 226 workers, more than 60% of its work force, a company spokesman confirmed Tuesday. The mortgage-lending firm is a unit of California Federal Savings & Loan, one of the nation's five largest thrifts. Cal Fed Mortgage said it is making the cuts because its loan demand had dropped from peak 1986 levels and to avoid duplication with California Federal Savings' lending operations.
BUSINESS
July 19, 2001 | From Bloomberg News
American Express Co. said Wednesday that it will eliminate 4,000 to 5,000 jobs and take an $826-million pretax charge as junk bond losses reduced profit at the credit card company for a third consecutive quarter. American Express, whose stock is the worst performer in the Dow Jones industrial average this year, also will take a third-quarter charge of $310 million to $370 million to cover expenses related to the job cuts.
BUSINESS
March 3, 1989 | TOM FURLONG, Times Staff Writer
Gibraltar Financial, one of the state's 10 biggest thrifts, said late Thursday that it agreed with federal regulators to limit its lending operations to residential loans in three states, including California. The financial institution, parent company of Gibraltar Savings in Beverly Hills, also said it will close a lending operation known as Gibraltar MoneyCenter, which makes loans to customers outside California.
BUSINESS
February 10, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
In a move to trim costs and boost sales in its branch network, Great Western Bank on Thursday announced it will cut 500 jobs at branches in California and Florida. In one-on-one meetings in the 298 California branches Thursday morning, managers notified 362 employees that their jobs will be eliminated. Of those, 154 were laid off immediately; the remaining 208 will be offered jobs elsewhere in the thrift, said Steve Hawkins, a Great Western spokesman.
BUSINESS
July 10, 1999 | Edmund Sanders
Executives at Union Bank of California said they may lay off as many as 500 employees and eliminate an additional 1,000 jobs through attrition as part of an ambitious restructuring program designed to cut costs and make the San Francisco-based bank more efficient. The bulk of the cuts are expected to come in Southern California, where 75% of Union's work force is concentrated.
BUSINESS
March 29, 1999 | From Bloomberg News
Wells Fargo & Co. could reduce its staff by as much as 4,600 people, or 5% of its 92,000 full-time workers, as the seventh-largest U.S. bank eliminates "redundant" jobs. The severance-related costs could total $280 million, said spokesman Larry Haeg. The costs would be covered in the $375-million charge Wells took in the fourth quarter for personnel-related expenses following the takeover of Wells by Norwest Corp. in November, Haeg said.
BUSINESS
March 20, 1999 | From Times Wire Services
First Union Corp., the nation's sixth-largest bank, said Friday it plans to cut 5,850 jobs, or 7% of its work force, in a restructuring plan related to acquisitions made last year. The cuts will hit hardest in the Carolinas and Pennsylvania, but will also affect California. About 500 of the job cuts are planned in Sacramento. The Charlotte, N.C.
BUSINESS
September 14, 1998 | From Times Wire Services
Almost 200 people lost their jobs Friday as the $1.8-billion merger of Golden State Bancorp, the parent of Glendale Federal Bank, and First Nationwide Holdings, the San Francisco-based parent of California Federal Bank, was completed, forming the country's second-largest savings and loan.
BUSINESS
September 23, 1997 | JULIA SCHEERES, SPECIAL TO THE TIMES
To the outsider, the million-square-foot headquarters of Great Western Financial Corp. here it seems like a pleasant place to work, with modern buildings, tranquil green spaces, a day-care center and bronze statues in the cafeteria. But for those on the inside, the scene is far from serene.
BUSINESS
October 5, 1996 | CHRIS KRAUL, TIMES STAFF WRITER
Banks. You can't live with 'em and you can't live without 'em. It's been an ugly six years for financial institutions all over the state, with bank mergers, thrift failures, the California recession and the ascendance of mutual funds all taking an enormous toll on branches, jobs and deposits.
BUSINESS
March 9, 1995 | Times Staff and Wire Reports
Bankers Trust Expected to Reduce Its Work Force: The cuts are linked to last year's financial results, when profit at the New York-based bank and other big banks and securities firms plunged amid a weak market for creating and selling derivatives and other securities. This week, Bankers Trust New York Corp. will lay off 5% of 1,200 officers in its global investment bank, mostly in the derivatives business, spokesman Thomas Parisi said.
BUSINESS
October 20, 1995 | THOMAS S. MULLIGAN and JESUS SANCHEZ, TIMES STAFF WRITERS
Los Angeles Mayor Richard Riordan on Thursday blasted Wells Fargo & Co.'s hostile takeover bid for First Interstate Bancorp as potentially devastating to the region. He said he would support the hometown bank's efforts to resist. "There's something very, very bad about a situation where . . . someone offers a lot of money and it somehow destroys the whole context of what's been built up over years," Riordan said of the bid, valued at $10.
BUSINESS
October 20, 1995 | THOMAS S. MULLIGAN and JESUS SANCHEZ, TIMES STAFF WRITERS
Los Angeles Mayor Richard Riordan on Thursday blasted Wells Fargo & Co.'s hostile takeover bid for First Interstate Bancorp as potentially devastating to the region. He said he would support the hometown bank's efforts to resist. "There's something very, very bad about a situation where . . . someone offers a lot of money and it somehow destroys the whole context of what's been built up over years," Riordan said of the bid, valued at $10.
BUSINESS
June 28, 1995 | Times Staff and Wire Reports
Chase Plans Layoffs: In a move to pare more than $400 million in expenses, Chase Manhattan Corp., the nation's sixth-largest banking company, plans to cut 3,000 to 6,000 jobs by early 1996--as much as 17% of the work force, the Wall Street Journal reported. Chase is under pressure from dissident stockholder Michael Price, who bought 6.1% of the firm's shares this spring and called for the company to be broken up and sold off.
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