Worst Financial Companies Overview: New job openings at these troubled employers may be difficult to find, rendering this list something of a moot point. Nonetheless, even companies that are shedding staff in the aggregate often end up hiring in some niche areas. Also, for the adventuresome and risk-loving person, taking a flier on a job with a troubled firm possibly can offer opportunities to make a mark as an agent of change in a turnaround situation.
Citigroup has lurched from crisis to crisis, with a huge portfolio of nonperforming assets. It has survived through massive layoffs and sales of its most profitable business units.
Bank of America presents a similar situation to that of Citigroup, with nasty surprises emerging on an almost daily basis.
Merrill Lynch quickly has gone from a pillar of Wall Street to a mere shell of itself. Its new owners at Bank of America, itself a troubled institution, have moved rapidly to cut staff, especially in now-redundant support and administrative functions.
AIG has gone from an insurance and financial colossus to a disaster zone under federal control. After partial dismemberment to pay off the feds it also is a shadow of its former self.
Marsh & McLennan is still heavily tainted by its involvement in insurance bid-rigging schemes that included AIG.
American Express has cut staff and trimmed its customer list as well. The firm also has a severe credibility problem, launching these downsizing efforts shortly after posting solid financial results and reassuring employees that they were secure.
Fannie Mae and Freddie Mac have both been cutting staff and increasing workloads since their takeover by the federal government. The housecleaning at both still has a long way to go, and talk continues about their possible liquidation.
The worst places to work for financial advisors are covered in a survey by J.D. Power and Associates that is summarized in this link.
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