Bloomberg News
CHICAGO Bank One Corp. said it has laid off at least 150 human resources workers because decreased hiring has reduced the need for recruiting and handling employees.
Bank One, the countrys fifth-largest banking company, has eliminated more than 6,000 jobs since James Dimon, 45, took over as chief executive in March 2000. It had 78,491 workers at the end of June.
The human resources employees worked for David Donovan, 51, who was appointed in June to lead a so-called SWAT Team to reduce the companys work force and find other areas where costs could be reduced.
Were looking across the company and are being very selective about where were making cuts, said company spokesman Thomas Kelly. The human resources cuts make sense because the company has reduced its number of open posts to about 2,800, from 5,700 last year, he said.
The company said this week that its capital markets unit had closed four offices and fired at least 20 investment bankers, traders, and underwriters on its municipal bond staff.
