November 22, 2008

Unfortunately, Some More Job Cuts to Come in East Bay suburbs

Sorry, to be the bearer of this news, but here are local companies that will be cutting staff in what remains of November and through December.

This list comes from a database on the San Francisco Chronicle website, The database shows companies doing business in California that have announced major layoffs, plant closures or relocation of workers. According to the Chronicle, state law requires a 60-day notice of plant closures, layoffs or relocation of 50 or more employees under the Worker Adjustment and Retraining Notification Act. These are layoff notices filed with the Employment Development Department. You can search the list by selecting date, company, location or type of industry.

Pending job cuts, according to Chronicle:
Nov. 23, AT&T California, Mervyn’s LLC, Pleasant Hill, Technology Telecommunications, 48
Nov. 24, AT&T California, San Ramon, Technology Telecommunications, 2
Dec. 5, Chase Home Lending, San Ramon, Financial Real Estate, 58
Dec. 22, E-Loan, Inc., Pleasanton, Financial Internet, 270
Dec. 23, Mervyn’s LLC, Dublin, Retail Department Store, 106
Dec. 23, , Mervyn’s LLC, Pleasant Hill, Retail Department Store, 77
Dec. 23, AT&T Messaging, San Ramon, Technology Telecommunications, 39
Dec. 31, First Collateral Services, Inc. (Citigroup Inc.), Concord, Financial Mortgage Loans, 26 began posting this database amid other dreary economic news affecting the Bay Area. More from the Chronicle:

The recession is here and it will last: "The global economy has plunged into a deep recession that may be longer than the average downturn, according to two surveys of U.S. economists. ... Observers say this global slowdown will start to wallop the Bay Area as the United States enters a spell of shrinking output and surging unemployment that will last through the middle of 2009."

—"Washington Mutual Inc., the Seattle bank seized by federal regulators and sold to JPMorgan Chase in September, will shutter its Pleasanton campus and cut hundreds of San Francisco positions, eliminating 1,600 Bay Area jobs in all. The bank's East Bay call center, where roughly 1,200 workers answer customer inquiries about credit cards and consumer banking, will close by early spring. … The biggest direct blow is to the city of Pleasanton, which in addition to an empty corporate campus will see the taxes and spending tied to 1,200 jobs dry up."

California's unemployment rate jumped to 8.2 percent in October : "Although the Bay Area continues to suffer job losses, the report issued by the state Employment Development Department shows that this region is somewhat sheltered from financial havoc that caused the statewide unemployment rate to jump from 7.7 percent in September. … However, Alameda and Contra Costa, two counties more heavily exposed to the housing boom and bust, had unemployment rates of 7.1 percent and 7 percent, respectively, in October."

— "Financial giant Citigroup Inc. announced plans Monday to cut more than 50,000 jobs - a tidal wave of layoffs that will probably reach the Bay Area, where it is the third-largest retail bank. … It's unclear, however, exactly how many people the company employs around the region, and Citigroup didn't respond to an inquiry from The Chronicle. The company's retail subsidiary, Citibank, operated 88 branches with more than $19.5 billion in deposits across the region, as of June, according to the Federal Deposit Insurance Corp. That makes it the third biggest bank --after Bank of America and Wells Fargo & Co. --in the statistical area defined as Alameda, Contra Costa, Marin, San Francisco and San Mateo counties, with 10.8 percent market share.

Update on Citigroup Inc., though how it would affect Bay Area employees was not addressed in this Associated Press story: "The government was weighing a plan on Sunday to rescue Citigroup Inc., whose stock has been hammered on worries about its financial health. The Treasury Department and the Federal Reserve have been in discussions over the weekend to devise a strategy to stabilize the company, according to people familiar with the talks."

No comments: