While much of the financial industry is lucky to even have a job, the folks over at Goldman Sachs (NYSE: GS) can expect to receive their biggest bonus payouts in the firm's 140-year history after an amazing first half of the year. This news, however, has sparked concerns that the big investment banks that have survived the credit crunch will ultimately derail financial regulation reforms.

Due to a lack of competition combined with a surge in revenues from trading foreign currency, bonds and fixed-income products, profits at Goldman Sachs have soared. Last week, the firm's London staff were briefed on the company's prospects and were told to look forward to bumper bonuses, if it completed its most profitable year ever, as it is predicted they will.

Figures to be released next month which will detail the firm's second quarter earnings are anticipated to show a bigger jump in profits. They've already paid off $10 billion in TARP funds from the government. Financial genius Warren Buffet, who purchased $5 billion of Goldman Sachs' shares in January, has already made an impressive $1 billion gain on his investment.

Elizabeth Warren, a Harvard law professor and chair of the congressional oversight committee monitoring the goverment's Troubled Asset Relief Program (TARP), is now calling for the firing of the nation's top bank executives if the economy is to have any chance of recovery. Warren says that letting banking leaders off the hook for the mess their companies are in will plunge the country into an even deeper hole.

In an interview last week, Warren said:

"The management of the institutions receiving subsidies from the government must be replaced."

She specifically picked on the head of Citigroup, but will recommend all bailout recipients replace their top-level management. Warren also noted that failure to take such action in past financial crises, such as in Japan in the 1990's when they government gave out cash but left bank leaders in their jobs, drastically slowed recovery.

"It is crucial for these things to happen. Japan tried to avoid them and just offered subsidy with little or no consequences for management or equity investors, and this is why Japan suffered a lost decade," said Warren.

European AIG executives are not just handing back their controversial bonuses like their American counterparts. Instead, they are adamant that they should not have to return them, and explain that pressuring them to do so may amount to blackmail.

At a staff meeting for UK and Paris employees on Monday, AIG Financial Products unit head Gerald Pasciucco said that he thought that demanding repayments was "blackmail".

One employee at the meeting said:

"The vast majority of people in London have made the decision that the request is pretty offensive. It effectively constitutes blackmail whether it is criminal or not. There is no moral reason to give it back."

The employee said that Pasciucco recommended bonus recipients strongly consider returning their bonuses, but said that any decision was an individual choice.

Following the meeting, a compliance officer for the Banque AIG unit in London asked UK authorities from the Serious Organised Crime Agency (SOCA) to investigate whether demands to return the money could be considered extortion.

The Teamsters released a scathing press release today about Cleveland based KeyBank highlighting the fact they are giving loans to Oak Harbor Freight Lines who are in the midst of long strike with their membership.

The union stated that Key has violated federal labor laws and international labor standards and are taking out advertisements on RTA buses to get the situation in the public eye. The message on the buses will read "KeyBank: Takes Our Money; Wastes Our Taxes; Hurts our Kids".

"KeyBank is receiving $2.5 billion in TARP funds from taxpayers," said Al Hobart, Teamsters International Vice President and President of Joint Council 28. "KeyBank was given this money under the condition that it act in the public interest. But its practices of predatory lending to students, lobbying and tax evasion, along with the financing of Oak Harbor Freight Lines, have had severely negative effects on American workers and their families."

The Teamsters have also www.KeyBankFundsMisery.com which showcases their dissatisfaction with the bank.

Cleveland based KeyBank (NYSE: KEY) picked up accodlades from BusinessWeek Magazine as they have named the business as one of its top 25 "Customer Service Champs" for 2009.

"We're delighted to receive this award from BusinessWeek," sayid KeyCorp CEO Henry L. Meyer III in a press release announcing the award, "because it says that our continual efforts to strengthen customer service are paying off. We were rated on customer feedback about multiple aspects of our bank, including perceptions of our employees. I'm proud of everyone at Key for their part in contributing to our success."

Key Bank was the only bank given the nod in the Top 25 and joined companies like Amazon.com, Lexus, Apple, Ritz-Carlton Hotels and Nordstrom who also made the list this year.

Huntington Bancshares Inc. (NMS:HBAN) announced Tuesday that it would be cutting about 500 jobs, as well as eliminating employee incentives in order to reduce annual expenses by $100 million. The Columbus, Ohio based company said that the jobs will be cut by March 1.

Job cuts will take place throughout the company's operations in Ohio, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. The 500 jobs constitute about 4 percent of the bank's total employees.

In addition to the job cuts, Huntington will suspend its 401(k) matching program, maintain salaries at last year's levels, and eliminate executive bonuses and other awards.

Last month, Huntington reported fourth quarter losses of more than $417 million. As of 3:00pm Tuesday afternoon, Huntington shares were down more than 11 percent.

Huntington President Stephen Steinour said that the cuts will strengthen the bank's position in a challenging financial environment.

PNC Financial Services Group Inc. (NYQ:PNC) announced Tuesday that it lost $248 million (77 cents per share) during the fourth quarter of 2008, mostly due to its December 31 acquisition of Cleveland-based National City Corp. PNC also said that it would eliminate 5,800 positions by 2011, which is about 10% of its 59,595 employees.

PNC's 4Q loss is a remarkable difference from its 2007 4Q, where they say a net income of $178 million (52 cents per share).

Full year net income for 2008 at PNC was $882 million, or $2.46 per share. This is compared to $1.47 billion, or $4.35 per share for full year 2007.

Had PNC not acquired National City, its net income for 2008 would have been $1.3 billion, or $3.78 per share for the full year, and $132 million (32 cents per share) for the fourth quarter.

PNC revealed on January 21 that it expected to report a fourth quarter loss related to the National City acquisition, and a profit for full year 2008.

If you're a woman and make-up and heels just aren't your thing, and you thought about applying for a job at the Bank of England, you might want to reconsider. A memo was sent to female employees of the bank just last week, as a part of their "Dress for Success" day, which detailed just how women could ensure their success at the company.

The memo read:

“Look professional, not fashionable; be careful with perfume; always wear a heel of some sort — maximum 2 inches; always wear some sort of makeup — even if it’s just lipstick.” Shoes and skirt must be the same color. No-no’s include ankle chains — “professional, but not the one you want to be associated with;” white high heels; overstuffed handbags; an overload of rings, and double-pierced ears."

Fashionistas, feminists, and anyone who might possibly stick out in the company's sea of monochromatic, make-up wearing, high-heel sporting women need not apply.

Cleveland Congressman Dennis Kucinich has teamed up with an unlikely partner asking Citi Group to back out of their $400 Million dollar naming of the New York Mets new stadium. One of the most liberal members of the House of Representatives teamed up with Texas Congressman Ted Poe who is one of the most conservative members in the house. The pair wrote a letter to Treasury Secretary Tim Geithner in regards to what is suppose to be named City Field that read:

"We request that you intervene and demand that Citigroup dissolve the agreement they have with the New York Mets," reads the letter. "Absent this outcome, we feel strongly that you should compel Citigroup to return immediately all federal monies received to date, as well as cancel all loan guarantees."

Considering that taxpayers just forked over bailout money to the company, I think they bring up a great point. I propose Bailout Ballpark until a corporation Considering that taxpayers just forked over bailout money to the company, I think they bring up a great point. I propose Bailout Ballpark until a corparation can up with their own funds to put their name on stadium that was built with taxpayers money can up with their own funds to put their name on stadium that was built with taxpayers money.

Cleveland-based KeyBank (NYSE: KEY) is relocating 70 new jobs to Cleveland later this year when it closes a Tacoma, Washington call center. The closing of the Tacoma call center will mean a loss of 200 jobs there, but will bring more employees to Cleveland and Buffalo.

KeyBank has a call center on Tiedeman Road which currently employs 265 people. The Buffalo call center has 308 employees and will also see a gain of 70 jobs. The jobs will transition to Cleveland and Buffalo in stages throughout the year.

In a statement issued Wednesday, KeyBank said that the consolidation will help the company reduce costs, improve agility, and achieve efficiency. Those employees in Tacoma affected by the call center closure will receive job assistance and may be eligible to get other jobs with the bank.

In addition to relocating jobs, Key will also increase its use of a third-party to answer a portion of its customer calls.