More Boston Financial Jobs Cut

Posted on January 2, 2009

More Boston financial jobs will soon be lost.

On top of recent financial job cuts, four more Boston financial firms plan to cut a total of 110 jobs in the near future, according to an article by The Boston Globe. The companies slated to cut positions include Deutsche Bank, Citigroup Inc., Pioneer Investments and Boston Financial Data Service.

Deutsche Bank employs more than 375 people in Boston and has not confirmed exactly how many jobs will be cut. Citigroup plans to lay off about 70 workers throughout the state, after which it will employ 1,430 workers statewide. Pioneer Investments laid off 39 employees, or 6 percent of its staf, during November. The company previously employed 643 workers in Boston.Boston Financial Data Services hasn’t announced how many jobs it plans to cut.

Other major companies in the city, including State Street Corp., Fidelity Investments, Bank of America, Citizens Bank and Sovereign Bancorp., have also announced plans to cut jobs, mainly because of the faltering economy.

The Boston-Cambridge-Quincy area’s financial activities industry had a total employment of 185,800 workers during November 2008, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 186,300 workers during October and a 1.5 percent decrease from last year.

The city had a total non-farm employment of 2,522,800 workers during November, up from 2,519,700 workers during October and a .3 percent increase from last year. During October, Boston had an unemployment rate of 4.6 percent, lower than the national unemployment rate of 6.5 percent.