Lenders See Little Choice: Layoffs

http://online.wsj.com/article/SB10001424052748703921504576094431636101722.html?mod=WSJ_business_whatsNews#printMode
The banking industry, racked by the financial crisis and facing slower revenue growth, is starting to cut costs-increasingly at the expense of jobs, the Wall Street Journal reported today. Wells Fargo & Co. and American Express Co. said on Wednesday that they would take action to reduce expenses and lay off employees to become leaner. PNC Financial Services Group Inc. and Fifth Third Bancorp said Thursday they too want to become more efficient. State Street Corp. reiterated on Wednesday that it is on track to save as much as $625 million in expenses through 1,400 job cuts to be completed this year. Barclays Capital laid off 600 employees world-wide earlier this year.

Didn't Wells just show PROFITS for 2010?????