Jobs in the corporate bank world are currently a bit shaky. The Sacramento Bee reported that TD Bank, America’s Most Convenient Bank, is looking to expand its corporate operations “creating more than 1,400 new jobs in the next three to five years.” On the other hand, the San Francisco Chronicle reported that Citigroup Inc. is set to “cut 3,000 or more workers as part of an ongoing effort to control expenses.” One expands and the other cuts back. Does that make the market in the industry even?
Though they are in different regions, TD Bank is hubbed in South Carolina and Citigroup Inc. in New York, it is interesting to see how the corporate banking industry is fairing. Governor of South Carolina Nikki Haley was quoted in the Sacramento Bee saying, “It’s another great day in South Carolina, and we celebrate TD Bank’s decision to increase its operations throughout our state and create 1,600 new jobs. These new jobs will have a big impact on the Upstate, the Midlands and beyond.” No matter what region it may be in, job growth and increase is exciting to see with the current weak job market.
Naturally though, with growth there is some area that is struggling. The amount of jobs Citigroup plans to cut would amount to about 1 percent of the New York-based bank’s work force. Around 9,00 of the jobs cut are to come from the company’s banking and security divisions while the rest of the cuts are to be spread across different departments. The cuts are coming from financial losses the company is experiencing from weak financial markets and new regulations that decreases the banks ability to collect late payment fees and fees from raised interest on loans. The Chronicle reports that “Citigroup was one of the biggest recipients of taxpayer support during the financial crisis. It received $45 billion in bailouts funds and was partly owned by the government until December 2010.” Other banks are downsizing too as the Chronicle reports that in September, Bank of America said it would cut “30,000 jobs over the next few years as part of an initiative to shrink and reduce expenses.”