Thursday, Sep 13, 2007
Redundancies at cash-cow HQ
BBC News - Preston's Picks: Scything the City
So brutal redundancies are now only days and weeks away, as it becomes commonly accepted that the turmoil in financial markets will depress certain lines of business for months if not years.
The boss of one investment bank tells me he expects a first wave of job cuts that will see individual banks reduce their headcounts between 5 and 15 per cent.
Posted by dohousescrashinthewoods @ 12:34 PM (551 views) Add Comment
4 Comments
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1. lvmreader said...
As they say in Yorkshire and Essex,
F**king have some
2. Lord D'arcy Pew said...
Our economy has been a GOLD PLATED TURD for quite some time. The utilites and major infrastructure have been sold off, and manufactoring greatly reduced. The City of London has been moving other peoples money around and creaming a little bit off the top, and this money has filtered down affecting us all. This works until the supply of money drys up, which it appears may be happening now. Money has been taken from the core to keep the outside nice and shiny, but now the plating is cracking and something stinks. If you live in economy were being a turd polisher gives great wealth then you can expect a lot of turd polishers, but too many rubbing too hard and you get a big pile of XXXX.
3. Yoss said...
Picture this. Hedge fund manager sat in front of his black box trading system, on the phone to the IT help Desk.
“Hi I seem to have a problem with the system, I punch in the number of CDO’s we own then multiply it by their estimated market value and I keep getting an error message”.
“Yes have tried turning it off and on again.”
“I must stress, it really is quite important we get this fixed, I need that figure as our bankers who are waiting on the other line.
Yes I tried getting hold of him, but he resigned last week and is on holiday on his yacht in the Bahamas, and he isn’t answering his mobile.
“What do you mean I am not using the estimated value?”
“Oh I see, it’s the real value!”
“And computers can’t multiply by zero?”
4. Orwell said...
I have the greatest sympathy..............