• Employers only cut 539,000 in April, which was slightly better than Wall Street expectations and an improvement over the month of March. But the unemployment rate rose to 8.9 percent, which is a 25-year high. [WSJ, NYT]
• Stephen Friedman has resigned as chairman of the board of the Federal Reserve Bank of New York after questions about possible conflicts of interest given his role as a director (and shareholder) of Goldman Sachs. [WSJ]
• It looks like GMAC is going to need another bailout. [NYT, NYP]

• American Express would like to repay its $3.4 billion in TARP funds. [DB]
• RBC reported a $1.29 billion loss for the first quarter. [WSJ]
• AIG reported its sixth consecutive quarterly loss on Thursday, although if you're looking for the silver lining, the $4.4 billion loss wasn't quite as horrific as the last quarter of 2008 was for the embattled insurance giant. [CNN]
• It seems Bank of America is looking for a few new board members. [WSJ]
• Citigroup has to raise another $5 billion according to regulators. That means it's time for useless Citi CEO Vikram Pandit to write another memo to employees and tell them everything's fine and to keep their chins up. [DB]