Banking industry to lose 200,000 jobs

[Heracles 417]

Banking industry to lose 200,000 jobs

Financial research firm says cuts will appear over 12 to 18 months as subprime crisis hits other areas of the banking industry.

April 1, 2008: 7:06 AM EDT

GENEVA (AP) -- Analysts at financial research firm Celent say the U.S. banking industry will lose 200,000 jobs during the next 12 to 18 months.

The head of Celent's financial consultancy unit says the job cuts will occur as the subprime crisis hits other parts of the banking industry.

Octavio Marenzi said Tuesday that staff reductions were inevitable as the U.S. economy weakens further.

Things do not look good at all..

[Ms. Squirrel 11]

We are going to have an announcement at work (investment bank) tomorrow morning. Rumours are that we made losses of over 500 million euros in the first quarter. Ouch. They will have to let a few people go, I think.

[Heracles 417]

It was only a matter of time. This is also going to have a ripple effect into every other industry over the next 6 to 18 months.

CNN or fortune recently had a segment where they spoke to 50 or so people about how they are doing around the country. Things do not look good at all.

After reading that I have decided to apply for a spousal visa to move back to AUS. Where in contrast they have the lowest unemployment rate in over 33 years and are basically begging for workers. The $52K USD average pay is also not to shabby at all.

Anyone with any skill, trade or degree should also keep it in mind.

Edited April 1, 2008 by Boo-Yah!

[Ms. Squirrel 11]

Don't blame you, Australia is my favourite country. I lived and worked in Melbourne for a while and travelled all around the country as well. I still miss it. Wonderful place, great people.

[one...two...tree 2,762]

Things do not look good at all..

Exactly. We need a change in the White House.

[Heracles 417]

Things do not look good at all..

Exactly. We need a change in the White House.

What has the house of representative and congress done. After all this is not a parliamentary system therefore the congress and house have a lot of power.

As usual people here will scapegoat one person. And as usual the democrat party will come into power and not actually do anything apart from having thrown out 3 word slogans during an election campaign.

[lucyrich 20]

Things do not look good at all..

Exactly. We need a change in the White House.

What has the house of representative and congress done. After all this is not a parliamentary system therefore the congress and house have a lot of power.

As usual people here will scapegoat one person. And as usual the democrat party will come into power and not actually do anything apart from having thrown out 3 word slogans during an election campaign.

It sounds like you think we need a change in the legislature. You do realize, of course, that the best way to get that is to get a change in the White House.

There aren't enough die-hard Democrats to elect a democratic congress. There aren't enough die-hard Republicans to elect a republican congress. Whatever party can get the moderates and independents on their side will have control of the legislature. What's the most effective way to rile up the moderates and independents for your cause? Get them angry at the President!

That's what's driven the past several swings in the legislature. The people haven't historically put up with a legislature of the same party as the President for long. Gridlock is preferable to either one party getting its way.

[Heracles 417]

What gets me is that this trench warfare political game is only hurting America and Americans.

People joke on and ridicule Canada but the reality is that Canada is kicking ### in terms of living standards and their economy; as they have their #### together. Whereas here the politicians are playing politics with one another at the expense of America's future.

Edited April 1, 2008 by Boo-Yah!

[one...two...tree 2,762]

Things do not look good at all..

Exactly. We need a change in the White House.

What has the house of representative and congress done. After all this is not a parliamentary system therefore the congress and house have a lot of power.

As usual people here will scapegoat one person. And as usual the democrat party will come into power and not actually do anything apart from having thrown out 3 word slogans during an election campaign.

Who would you scapegoat? Liberals?

[Heracles 417]

Who would you scapegoat? Liberals?

No but I will blame the BS political games being played here. Politicians here need to realize that they are not public workers. Their jobs or not the same as a superintendent or a chief commissioner, for example. They are voted in to represent the people and do what is best for the American people. Whereas many on both sides of the fence use their position to promote their own agenda and work as if they are running their own company for them to do as they please, as they are the boss.

[one...two...tree 2,762]

Who would you scapegoat? Liberals?

No but I will blame the BS political games being played here. Politicians here need to realize that they are not public workers. Their jobs or not the same as a superintendent or a chief commissioner, for example. They are voted in to represent the people and do what is best for the American people. Whereas many on both sides of the fence use their position to promote their own agenda and work as if they are running their own company for them to do as they please, as they are the boss.

Ok, so do you have any inkling then why America can't seem to get it's act together politically like Canada or Australia?