Thursday, Apr 17, 2008
Jobs to go in the City
Standard: Bloody day in the City: 1,300 jobs axed
"The City bloodbath began today as two financial giants axed 1,300 jobs. Bankers suffering in the credit crunch were also prepared for the figure to double tomorrow. UBS announced it would cut 900 staff at its Liverpool Street headquarters by June and Merrill Lynch said it would shed 4,000 jobs worldwide. Sources said that up to 400 of its 4,500 London staff would go. Employees of Citigroup, the world's biggest bank, are now preparing for the axe as sources said it was likely to lay off 1,000 London staff when its first quarter results are published tomorrow" I feel sorry for those who are losing their jobs but the City bubble could not continue forever
Posted by confused76 @ 11:14 PM (227 views) Add Comment
2 Comments
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1. Dylan Evans said...
I work in Canry Wharf in IT and I believe my job is on the line in July, when will the greedy world learn that greed in the banking industry has been the reason for all the previous downturns. The only one I remember was the last one, when the yuppies came to their demise, for some reason this time there wasn't a nickname for the greedy, maybe because the whole of the western world turned greedy with even the normally working class people thinking they could be rich by buying property and making a killing on the ever increasing house prices.
Well? That bubble has burst or is at least bursting, and I feel sorry for the ones that followed the crowd and got caught (or will get caught) in the negative equity trap like has happened so many time in the last 50 years
2. Landofconfusion said...
And so it begins.