Economy

August 5, 2011

Some big banks are selectively cutting jobs

Amid continuing economic woes, layoff announcements have been pouring out of big banks lately. HSBC this week said it was slashing 30,000 jobs worldwide. Credit Suisse, Morgan Stanley and Goldman Sachs are also reducing employee ranks. Bank of America Corp. and Wells Fargo & Co. haven't revealed any company-wide job cuts, but have trimmed positions selectively in areas such as mortgages.

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