NEW YORK ( TheStreet) -- In the past few weeks many banks have started to conduct layoffs as part of restructurings or mergers.
In addition, after hiring sprees in 2010 many investment banks pulled back and are focusing on bringing in top tier talent and cutting low performers. For example, investment banks like Jefferies and Morgan Stanley (MS), have both announced that they are looking to attract more experienced talent by paying more in compensation.
Banks are also cutting employees to meet regulatory requirements, while many banks are trimming down employees in certain businesses and building in others. Banks that we predicted would conduct layoffs in February have already announced and are continuing to do further restructuring of their business.
But a new round of cost cutting is hitting the banking industry.Wells Fargo (WFC) announced that it is laying off 1,900 employees in its home mortgage division nationwide. The termination notices were sent to employees on in mid-March. Many of the employees that were laid off were subsequently rehired as temporary employees last year, according to an article in the Killeen Daily Herald, a Texas-based newspaper. Employees in North and Central Texas, Iowa, California and North Carolina. Those employees will lose their jobs with in 60 days. "While we may reduce staff in some areas, we are also hiring in other areas. For example, in our annual report, it said we had 6,500 open jobs at the end of 2010. We are hiring," said a Wells Fargo spokesperson.
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