December 02, 2009

More reports of layoffs in the finance industry. The latest companies to be hit with layoffs are also being investigated for wrong-doing.Canopy Financial Inc filed for bankruptcy, after it pared its workforce from 123 employees down to 31 and is also being investigated for fraud, according to The Wall Street Journal.

Galleon Group LLC will stop operating in Singapore on Dec. 31, according to Bloomberg. The U.S. hedge- fund firm is liquidating after its founder Raj Rajaratnam was charged with insider trading in October.Even though several companies are laying off employees, several banks are also hiring. For instance, Royal Bank of Scotland (NYSE:RBS) is hiring and trimming. The bank cut 8 Asia Pac corporate financiers but is apparently hiring in equities, fixed income sales and trading, according to eFinancial Careers.