Banks and other financial services companies are more likely to lay off large numbers of employees when downsizing than companies in other industries.
But they put more effort into communicating, according to a study by Right Associates, an outplacement firm.
The study showed found 11% of financial services companies separated between 1,000 and 5,000 workers when restructuring during the past five years.
Fewers Cutbacks Elsewhere
In contrast, only 6% of the 909 companies in the study group reported reducing their work forces by such large numbers.
But the 98 financial services comapnies did a better job communicating their donwsizing plans to employees.
Specifics of the downsizing plan were also better communicated by financial services companies. They did better than others in telling their employees.
* The reasons for the reduction, with 68% making such disclosures, against 59% in the general group.
* Reorganization details, 52% to 44%.
