There are a lot of banks in the US that are need of a help. TARP was design to help trouble banks, by created a avenue for them to continue lending and therefore making money from what should be there primary business, lending.
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TARP came a little too late for some institutions and was used [...]

Just in, Microsoft plans to eliminate up to 5,000 positions over the next 18 months.
The news follows an 11% drop in net income.  Revenue increased 2% to $16.63 billion (still not bad from my perspective, given the adoption issues with Vista, and what seems like a speed up in development of “Windows 7″).  Net income [...]

Alcoa announced today that earlier cost-cutting changes weren’t enough due to the economic downturn.  They will make more work-force cuts, close plants, and reduce capital expenditures by 50%.
The layoffs will affect 14.5% of the current employees and contractors totaling 15,000 fewer positions. Â
Aluminum, Alcoa’s main business, prices have dropped significantly since earlier in 2008, when growing [...]

The AP announced recently, Dow Chemical to cut 5,000 jobs, close 20 plants. Â
That equates to 11% of the company’s total workforce. Â
We should change the name of the site to Why Jobs Get Cut … there have been so many job cuts recently.  That is, however, how banks fail. Â
The article says the move [...]

The most jobs lost in 34 years.
This doesn’t even take into account the recent layoffs in December.
According to November: Most jobs lost in 34 years, we’re in for one hell of a new year.
While unemployed jumped to 6.7%, that is just shy of estimates of 6.8%.  If you can take that as a good thing.
Not [...]

CNBC reported, Jobs Cuts in BofA-Merrill Merger May Reach 30,000.
Now we’re adding Bank Of America to the list?
Going to be some depressing Christmas parties out there.
Take a look at some more depressing news from Seven Corporate Developments, at The Path to the Pegasus Letter.

More job cuts (it just doesn’t stop) … at least this one isn’t only in the US. Â
Credit Suisse announced an additional 5300 jobs to be cut from its global workforce.  This comes after already losing 1800 jobs this year.
That accounts for 11% of the Credit Suisse Work force.
So we have layoffs in:

Credit Suisse – [...]

AT&T (NYSE:T 29.08 on 12/04/2008) just announced that they will be cutting 12,000 jobs.  The layoff will total 4% of the workforce.
Is this another “we can get in under the radar”?  I don’t think so.  After all, it’s getting coverage everywhere.
Reported on CNN Money, AT&T to slash 12,000 jobs, AT&T attributed the staff cuts to [...]

We have been following the JP Morgan / WaMu story for a while (there should be some related links below).
According to the BBC, JP Morgan Axes 9,200 jobs at WaMu.
WaMu, Washington Mutual, was the largest US bank to fail.  It was sold by regulators to JP Morgan at the bargain price of $1.9 billion. Â
4000 [...]

The Breakdown:

Washington Mutual (WaMu) failed on September 29, 2008
Biggest bank failure in history
Federal regulators seized operations and sold to JP Morgan
WaMu cuts payroll by 13% in California
1600 call center jobs cut

Another day, more layoffs announced.  In this case it may be better news than it seems.  Washington Mutual (now owned by JP Morgan) is cutting [...]

Let the carnage begin.
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As the crisis continues, institution like Bank of New York-Mellon Corporation who announced this week a decline in third-quarter earnings, are looking for ways to cut expenses. Â
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As they evaluate the current business environment and decide where their business is going, many will look at all alternatives including head count at [...]