British bank Barclays PLC said Wednesday it was cutting more than 400 technology jobs after a review of its operations.

IndyMac Bancorp, one of the largest banks to fail as a result of the subprime mortgage crisis, is close to being sold to a consortium of private equity and hedge fund firms in a complex deal partly financed by the federal government, the New York Times reports.

Standard & Poor's lowered the credit ratings and outlooks for 12 major U.S. and European banks Friday, including Goldman Sachs and Bank of America, citing increasing industry risk and a deepening economic slowdown.

More firms around the globe disclosed they were caught up in the $50 billion fraud allegedly perpetrated by Bernard Madoff, a former chairman of Nasdaq. Madoff was arrested by U.S. authorities last week.

Drugmaker Bristol-Myers Squibb became the latest big company to announce layoffs, saying it will eliminate another 10 percent of its work force through 2010.

Investors around the world have scrambled since Friday to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, the prominent Wall Street trader arrested last week.

Investors around the world have scrambled since Friday to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, the prominent Wall Street trader arrested last week.

This week brought a slew of layoffs, including Dow component Bank of America, which said its planned job cuts may grow to 35,000 over three years after it completes its purchase of Merrill Lynch.

Sony became one of the latest companies to announce layoffs in attempt to rein in costs and weather the weak economy.

Further layoffs on Monday from big market names, including a component of the Dow Jones Industrial Average an American business icon, added to employment gloom.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.