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January 2nd, 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.
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December 18th, 2008
Despite the current state of the economy, at least six companies are hiring for some of the best Boston jobs.
While many states are seeing a constant rise in unemployment and decrease in jobs, Boston is one of the few cities that is continuing to add jobs.
During October 2008, the Boston-Cambridge-Quincy area had a total non-farm employment of 2,519,600 workers, according to the United States Department of Labor Bureau of Labor Statistics. This is up from 2,513,700 workers during September and a .6 percent increase from last year. The area had an unemployment rate of 4.6 during October, down from 5 percent during September and lower than the national unemployment rate of 6.5 percent.
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December 10th, 2008
Boston green jobs are on the rise.
Boston Mayor Thomas M. Menino recently awarded a contract to the Asian American Civic Association to run a training program that will prepare Boston residents for green collar jobs. AACA, with the Asian Community Development Corporation, plans to run a Facilities Maintenance Energy Efficiency training program that will train 28 people. The City will fund the program with a $125,000 grant.
AACA has already lined up some employer partners, including: CJ/CMJ Management Company; Cornu Management Company; Maloney Properties; Winn Residential; the Lenox Hotel and the Hilton Back Bay Hotel. These employers have helped with the development of the training curriculum, and have agreed to interview all program graduates and hire them as vacancies allow.
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December 3rd, 2008
Hundreds of Boston retail jobs have been cut as a large chain store recently decided to close.
Tweeter, a local electronics chain that has found itself bankrupt, recently announced its decision to fire more than 600 employees at 70 stores across the country. These actions took place only days before the company was originally slated to close for good. The store had about 150 employees in Massachusetts, according to an article by The Boston Globe.
Many employees who lost their jobs are still owed at least one week’s pay, vacation time and hundreds of thousands of dollars in bonuses promised as part of a liquidation sale. Furthermore, many customers are unable to pick up merchandise they already purchased, and the liquidators handling the closing also have yet to be paid. There is still about $14 million worth of goods left in the stores.
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November 19th, 2008
Another company is cutting Boston finance jobs.
Putnam Investments recently fired 12 money managers, according to an article by Bloomberg. The layoffs came after the company’s assets fell 39 percent in the past year. Putnam follows in the footsteps of Fidelity Investments and Janus Capital Group Inc., who have taken steps to save money among the worse stock-market losses since the 1930s.
Putnam, based in Boston, is the asset-management unit of Canadian insurer Great-West Lifeco Inc., which is planning on cutting an additional 35 jobs. This will include 17 job cuts in the company’s quantitative analysis team, as well as a merger of six funds into larger ones. Putnam’s quantitative analysis team will be reduced to nine employees from 26, while the U.S. and international research teams will be merged. The layoffs account for about 2 percent of the company’s 2,500 employees.
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November 13th, 2008
While most areas in the country are constantly losing jobs, the Boston job market has been an exception to the rule.
During September 2008, the Boston-Cambridge-Quincy area saw a total non-farm employment of 2,513,500, up from 2,491,800 during August, and an increase of .8 percent from last yea. According to the United States Department of Labor Bureau of Labor Statistics, the area has seen an over-the-year increase in jobs every month so far this year. Jobs increased by .9 percent in April, .8 percent in May, .8 percent in June, .7 percent in July, .7 percent in August and .8 percent in September.
Even though jobs are up, the unemployment rate also increased, from 4.7 percent in August to 5 percent in September. Also, several industries saw an over-the-year decrease in jobs during September, including construction by 3 percent; manufacturing by 1.1 percent; trade, transportation and utilities by .2 percent; information by .4 percent; financial activities by 1 percent and other services by .8 percent.
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November 7th, 2008
A well-known newspaper is cutting more Boston communications jobs.
The Boston Globe recently announced its plan to eliminate 42 Boston jobs, mostly managers in advertising, circulation and marketing. The paper also has reorganized the management of its business operations to better integrate the Globe and its Web site, Boston.com.
As part of the reorganization, according to an article by the Globe, Boston.com business managers will now report to Globe Publisher Steve Ainsley instead of the digital unit of The New York Times Co., the Globe’s owner. Globe Editor Martin Baron already oversees both the Globe and Boston.com’s editorial operations.
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October 29th, 2008
Keeping with the national trend, one Massachusetts’ company is cutting Boston finance jobs.
Fidelity Investments recently announced it is considering a plan to reduce its staff as it suffers negative cash flow in its stock mutual funds. According to an article by The Wall Street Journal, layoffs could include as many as 4,000 employees, or about 9 percent of Fidelity’s work force. While other industries in Boston are adding jobs, cuts at Fidelity would affect a number of the company’s units, including its core investment-management branch.
The company is “very stable, and very strong, but certainly these are extraordinary times,” Anne Crowley, spokeswoman for Fidelity, said in the article, adding the company has been reviewing its costs and staffing amid market turmoil.
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October 22nd, 2008
A hair salon chain will soon make management jobs in Boston available.
Great Clips, Inc., the largest walk-in hair salon brand in North America, is doing its part to help job growth in the Boston area continue by recently announcing Boston is now open for franchise sales. With this announcement, more than 200 salons are projected for the greater Boston area, with at least 10 new salons expected to open by the end of 2009, according to an article by Market Watch.
With more than 200 salons projected in the near future, this will result in approximately 2,000 full-time and part-time jobs for hair care professionals, managers and other related workers in the greater Boston area. This move should add to the state’s recent job growth.
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October 16th, 2008
Many Boston government jobs may soon be cut as part of an effort to close a $1.4 billion gap in the Massachusetts‘ budget.
According to an article by Bloomberg, as many as 1,000 government jobs could be cut across the state. Governor Deval Patrick plans to lower spending by about $1 billion this year through job eliminations and other savings, including cutting annual contributions to the state pension by $100 million. The governor also has proposed taking $200 million from the state’s $1.8 billion rainy-day fund.
“There are no easy choices here,'’ Patrick said in the article. “Many worthy ideas and good people will be affected.'’
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