Layoffs

Take a buyout or risk a later layoff? As more federal employees find their jobs in the crosshairs, financial advisors say they're navigating a complicated and uncertain path forward for their clients.

A group of tax organizations, including the NATP and NAEA, hopes to preserve the core tax functions relied on by tax professionals despite cutbacks at the IRS.

Internal Revenue Service employees are being offered a last chance for a voluntary buyout as the Supreme Court blocked a ruling requiring the IRS to rehire workers.

Cutting IRS staffing in half over the next 10 months would mean less help and longer waits for taxpayers and let wealthy tax cheats escape paying what they owe.

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The bank plans to lay off roughly 5% of staff in the second quarter, excluding financial advisors and support staff in the wealth management division.

The bank said the advisors and associates who left had managed under 20% of wealth management assets, as of the end of the first quarter.

Even though there's not a way to predict who might face the next wave of layoffs, advisors can help clients prepare their finances.

Sergio Ermotti, who replaces Ralph Hamers, is tasked with integrating Credit Suisse, a monumental job.

During first quarter earnings last month, the bank said that it would take a $300 million restructuring charge related to the cuts in the second quarter.

The company, which has seen headcount increase 45% since closing the deal, has eliminated more than 1,000 positions in recent months.

Executives provided advisors an update. The company has separately said it cut more than 200 retail branches at the end of last month.

The company said no additional layoffs would take place this year, but it left the door open to future staffing changes at the newly combined enterprise.

“We’ve said no layoffs for this year and we’ll stick by that,” Chief Executive Officer Brian Moynihan said Thursday.

The majority of job cuts are in corporate departments, with little impact to advisors or client service roles, the firm says.

The bank is under growing pressure to lower costs.

The cuts are among the first under new CEO Kentaro Okuda, who since taking the reins has said an existing $1.3 billion restructuring plan is no longer enough.

The shift comes after the bank reported its first quarterly loss since 2008.

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