(Reuters) - U.S. banks and financial service companies with banking operations are cutting tens of thousands of jobs.
Some have said they are reducing staffing to lower their costs. Others are doing so because interest rate changes have made it more difficult to profit from lending.
Still others are reacting to tightening credit conditions, especially for mortgage lending operations.
Challenger, Gray & Christmas Inc, the consulting firm, said in August the U.S. financial industry had announced 87,962 job cuts this year, 75 percent more than in all of 2006. It said 35,830, or 41 percent, relate to housing market problems.
The following are some companies that have set job cuts this year or are otherwise reducing staffing.
Bear Stearns Cos Inc said on October 3 it was cutting 310 jobs in its mortgage origination businesses as part of a reorganization of its mortgage operations. It had said in August that it cut 240 subprime lending jobs.
MORGAN STANLEY (MS.N)
Morgan Stanley said on October 2 it will restructure its residential mortgage business and cut about 600 employees.
Credit Suisse on September 26 cut 150 jobs in its mortgage-backed securities business.
H&R BLOCK INC (HRB.N)
H&R Block, a leading tax preparer, on September 11 set plans to cut 575 jobs in its Option One Mortgage Corp unit, on top of 615 cuts announced in May.
Accredited Home Lenders, a subprime lender, said it will cut 1,600 jobs.
CAPITAL ONE FINANCIAL CORP (COF.N)
Capital One, an independent credit card issuer, said on Aug, 20 it will eliminate 1,900 jobs. In June it announced plans to cut 2,000 jobs.
CITIGROUP INC (C.N)
Citigroup said on April 11 that it would eliminate 17,000 jobs and move an additional 9,500 jobs to lower-cost locations.
Countrywide Financial Corp, the largest U.S. mortgage lender, plans to cut 10,000 to 12,000 jobs or up to 20 percent of its work force.
FIRST AMERICAN CORP (FAF.N)
First American, the largest U.S. provider of insurance to protect homeowners against property claims, said it will cut 1,300 jobs, on top of 600 cuts announced in the second quarter.
The privately held mortgage lender filed for bankruptcy protection and said it had laid off most of its nearly 6,000 workers.
HSBC HOLDINGS PLC (HSBA.L)
The bank’s U.S. mortgage unit said on September 5 it would cut about 600 jobs.
IndyMac Bancorp Inc, one of the largest independent U.S. mortgage lenders, plans to cut 1,000 jobs or about 10 percent of its work force.
LandAmerica Financial Group Inc, the third-largest title insurer, announced 1,100 job cuts.
Lehman Brothers Holdings Inc said it will fire another 850 workers, or about 3 percent of its work force. The cuts come after the investment bank said it was cutting 1,600 jobs.
National City Corp said it is laying off 1,300 workers.
NovaStar Financial Inc said it will cut 275 of 400 retail lending jobs.
SUNTRUST BANKS INC (STI.N)
SunTrust, the seventh-largest U.S. bank, said on August 20 that it plans to eliminate about 2,400 jobs by the end of 2008.
Wachovia, the fourth-largest U.S. bank, is eliminating about 4,000 jobs.
WASHINGTON MUTUAL INC (WM.N)
Washington Mutual, the largest U.S. savings and loan, cut 10,688 jobs in the year ended March 31.
WELLS FARGO & CO (WFC.N)
Wells Fargo, the fifth-largest U.S. bank, said on July 26 it would cut 170 jobs.