Commodities traders might enjoy greater job security working for an energy company than a bank, but there's no guarantee. Constellation Energy Group told employees it's laying off more than 800 people, mostly from its commodities trading division.
A memo from Chief Executive Mayo A. Shattuck, quoted by Thursday's Baltimore Sun, states: "Unfortunately, our unique financial circumstances, and eroding global market conditions, require that we go further and reduce the overall size of our company."
The pending layoff amounts to 8 percent of Constellation's work force, the newspaper says. About half the job cuts will be in the Baltimore area.
Constellation agreed in September to be acquired by MidAmerican Energy Holdings, a subsidiary of Warren Buffett's Berkshire Hathaway Inc.