This is the worst year ever for layoffs in the U.S. financial-services industryand there’s still more than two months to go, according to Steve Rosenbush at Business News. Layoffs seem to span all levels, from mortgage brokers to processors, all the way up to white collar fund managers. Layoffs include those making $35,000 a year, all the way up to those who enjoyed making $3 to $5 million a year.
HSBC announced today that it would sell HFC’s Marbles credit card operation, and they will close offices in Canada. Countrywide, on the other hand, is facing a battle to remove their CEO, while planning to refinance high risk mortgages for many borrowers. As of October, finance companies had announced 130,000 job cuts for the year to date, according to outplacement firm Challenger, Gray & Christmas.