June 04, 2009

Bank of the West and JPMorgan Chase are planning new rounds of layoffs, a grim reminder than job cuts in the finance industry have yet to relinquish their choke hold on the East Bay.Nearly 100 jobs are being eliminated in the latest employment reductions, according to official company documents filed with labor agencies.Bank of the West intends to cut 59 employees in Walnut Creek. JPMorgan plans to eliminate 36 jobs in Alameda.

These kinds of job losses battered the finance industry in the region for the last two years, according to data culled from the state Employment Development Department.During the two years that ended in April, the East Bay's finance and insurance industry eliminated 8,600 jobs. Over the most recent 12 months, that industry cut 4,200 jobs, which represented a 10 percent employment decline for the sector.