Axe To Fall On At Least 10,000 Banking Jobs In City

[alexw]

do not underestimate the negative effects of this on the economy there are a huge number of people this will effect its not just the people who are directly lost and the associated tax take which wil mean many nurses, police and teachers will need to be cut. but also the real effects will be the reduced confidence of ALL remaining people in the banking and finance industries once these people have no confidence the party stops. the shops go quiet the pubs are quieter and the streets feel emptier. these people will not be taking out more loans. they will be just trying to keep the job to pay the mortgage...

the vast quantities of Champagne we consume will decline as will the LVMH share price....

I'm sorry but i can't see any reason we should have confidence. All they've done is gambled with our money, while paying themselves absurd amounts of money and driven up house prices to the detriment of all (apart from themselves).

Its going to be painful (particularly to them), but when we have gotten rid of 1/2 of the (w)bankers, maybe we can re-balance the economy, decrease income disparity, and increase social cohesion.

[@contradevian]

There is around 350,000 people working in the City & Canary Wharf plus around 50,000 working in the West End/Mayfair (many hedge funds based around there).

In the City, many work in the London market & Insurance sectors as well as Banking so perhaps it won't be hit as badly as you suggest? Canary Wharf however is another matter, its largely US Banks & US Investment Banks (Bear Stearns & Citi for example) or HSBC - i'd expect more blood on the carpet there

Yes it could be curtains for Bear Stearns new office block in Canary Wharf...(Churchill Place)

Fear now stalking the corridors of Canary Wharf headquarters

[winkie]

Me thinks different!!

http://www.telegraph.co.uk/news/main.jhtml...7/nsalary27.xml

Your figures just don't add up.. Sorry

Could be said we might be seeing two for the price of one, in the not to distant future.

[alexw]

Could be said we might be seeing two for the price of one, in the not to distant future.

I've heard comments here and elsewhere that they get paid what they are worth. About minimum wage sounds about right right now. However they'll be pleased to know its gone up 21p recently.

[winkie]

I've heard comments here and elsewhere that they get paid what they are worth. About minimum wage sounds about right right now. However they'll be pleased to know its gone up 21p recently.

Yes, paid what they are worth and what is available in the pot to pay them...or anyone.

[alexw]

Yes, paid what they are worth and what is available in the pot to pay them...or anyone.

Well since many of the banks are or about to be technically insolvent, then by whats int pot it should be nothing. However, fortunately for them the government mandates a minimum wage.

[bobthe~]

Me thinks different!!

http://www.telegraph.co.uk/news/main.jhtml...7/nsalary27.xml

Your figures just don't add up.. Sorry

I would like to see the median salary. What you could have is a small number of high earners and a lot of lower earners making up the 100k average.

It sounds possible to me that for every trader you lose, there would be a few back office support staff going as well.

[winkie]

Well since many of the banks are or about to be technically insolvent, then by whats int pot it should be nothing. However, fortunately for them the government mandates a minimum wage.

..anyone and everyone is dispensable, you can be offered the money and you are then free to make your choice.

[Ah-so]

I would like to see the median salary. What you could have is a small number of high earners and a lot of lower earners making up the 100k average.

It sounds possible to me that for every trader you lose, there would be a few back office support staff going as well.

Exactly. As the article says, the average for a woman is £50,000. In the City there is a small but significant number of people earning £1m+. The earnings distribution is not a broad, even pyramid, but a narrow one with a bulbous shape at the bottom, more like a yard of ale (without the lip). This seriously distorts averages.

Top earners have a bonus-based salary, so in lean times they can keep people and cut bonuses and make redundancies where necessary. The junior staff are just as likely to go and for every ex-star trader that goes, a load of support staff will go as well.

At my employer during the last slowdown, the bank kept as many money-makers as they could, but absolutely hammered the back offices.

[Paddles]

LIAR LOANS

LET THEM BURN

Eric, how did you managed to crack DoctorJ's password?

[Leonard Hatred]

Oh look, I've crossed out two more!

Lack of supply will keep house prices up

High employment will keep house prices up

City bonus money will keep house prices up

New mortgage products will keep house prices up

Property being a good investment will keep house prices up

Low interest rates will keep house prices up

[Ah-so]

Oh look, I've crossed out two more!

Lack of supply will keep house prices up

High employment will keep house prices up

City bonus money will keep house prices up

New mortgage products will keep house prices up

Property being a good investment will keep house prices up

Low interest rates will keep house prices up

You forgot "Rich Russians will keep house prices up".

[BoomBoom]

Unfortunately when 20,000 jobs go, it will probably mean about 2000 high earners (£100,000+) and about 18,000 earning £20-40k, most of whom cannot afford to get on the property ladder or who are trying to bring up families on average wages. Toast their job losses if you wish, but it will be cava sales that suffer, not champagne!

****** em.

[jonpo]

well look basically everyone I know who works in the city/cw under the age of 30 is unable/unwilling to afford a house. sure wish them dead if you like but like a previous poster said many of them are trying to start families, doing honest work for london level wages. i don't see the problem with this... these people pay for your public services....

i am at a constant loss as to why one geographical area of the countries economy is despised so much. i mean its basicaly one of the only exports we have....

[BoomBoom]

well look basically everyone I know who works in the city/cw under the age of 30 is unable/unwilling to afford a house. sure wish them dead if you like but like a previous poster said many of them are trying to start families, doing honest work for london level wages. i don't see the problem with this... these people pay for your public services....

i am at a constant loss as to why one geographical area of the countries economy is despised so much. i mean its basicaly one of the only exports we have....

Because it is the sheer contemptible avarice of people like this that has inflated house prices beyond reason and destroyed the economy. They don't pay for public services exclusively, they simply assume the same taxation burden as anyone else in the same income bracket. In fact that probably isn't true because I imagine amongst city types that tax evasion is very common.

[alexw]

well look basically everyone I know who works in the city/cw under the age of 30 is unable/unwilling to afford a house. sure wish them dead if you like but like a previous poster said many of them are trying to start families, doing honest work for london level wages. i don't see the problem with this... these people pay for your public services....

i am at a constant loss as to why one geographical area of the countries economy is despised so much. i mean its basicaly one of the only exports we have....

Because its a giant ponzi scheme that makes money by selling debt (slavery) to the masses while convincing them its a good thing? One thats helped push up house prices beyond what most can afford? by acting as a dutch disease on the uk economy destroying what hope we have of being competitive in other areas? by facilitating asset stripping of fundamentally sound business by hedge funds hoping to make a quick buck? by destroying the uk economy for a quick buck? by causing a recession/depression thats going to be worse than anything since the 1930's because of pure unadulterated greed?

Take your pick, i can give plenty more.

Edited March 16, 2008 by alexw

[loafer]

Because its a giant ponzi scheme that makes money by selling debt (slavery) to the masses while convincing them its a good thing?

You're on the wrong site, mate.

Try http://www.socialistworker.co.uk/index.php

[jonpo]

Because it is the sheer contemptible avarice of people like this that has inflated house prices beyond reason and destroyed the economy. They don't pay for public services exclusively, they simply assume the same taxation burden as anyone else in the same income bracket. In fact that probably isn't true because I imagine amongst city types that tax evasion is very common.

hold on a minute... I work in the city... I can assure you that my avarice has done nothing of the sort. I tell everyone I meet that house prices will meltdown very very soon. I can also assure you that I have never dodged a penny of tax in my life. I am paying over 1800quid a month in taxes!!! thats enough for a lot of unemployment benefits to be paid to people to sit on their arses all day while im at work. ive never bought a house nor have any idea how anyone is making enough money to think they can afford one. I rent and will do until prices are sensible

on the other hand my dad (lives in the country) well he is unfortunetly someone who has been to the inside track seminars... seen the way to make easy money... thinks houses always go up... bought multiple BTL houses and flats all over the country and one in florida !!!! he has never stepped foot in 'the city'... he still thinks houses only go up in the long term... is completly oblivious to any kind of reasonable attempt to talk to him about the impending meltdown.

and on top of all this you think I "destroyed the economy!!" well I have two words for you and they arn't nice ones.

I hope you can sleep at night.

[BoomBoom]

hold on a minute... I work in the city... I can assure you that my avarice has done nothing of the sort. I tell everyone I meet that house prices will meltdown very very soon. I can also assure you that I have never dodged a penny of tax in my life. I am paying over 1800quid a month in taxes!!! thats enough for a lot of unemployment benefits to be paid to people to sit on their arses all day while im at work. ive never bought a house nor have any idea how anyone is making enough money to think they can afford one. I rent and will do until prices are sensible

on the other hand my dad (lives in the country) well he is unfortunetly someone who has been to the inside track seminars... seen the way to make easy money... thinks houses always go up... bought multiple BTL houses and flats all over the country and one in florida !!!! he has never stepped foot in 'the city'... he still thinks houses only go up in the long term... is completly oblivious to any kind of reasonable attempt to talk to him about the impending meltdown.

and on top of all this you think I "destroyed the economy!!" well I have two words for you and they arn't nice ones.

I hope you can sleep at night.

I'll be sleeping fine mate. Hope you can adjust to your new career as head of burger flipping at burger king.

[alexw]

hold on a minute... I work in the city... I can assure you that my avarice has done nothing of the sort. I tell everyone I meet that house prices will meltdown very very soon. I can also assure you that I have never dodged a penny of tax in my life. I am paying over 1800quid a month in taxes!!! thats enough for a lot of unemployment benefits to be paid to people to sit on their arses all day while im at work. ive never bought a house nor have any idea how anyone is making enough money to think they can afford one. I rent and will do until prices are sensible

on the other hand my dad (lives in the country) well he is unfortunetly someone who has been to the inside track seminars... seen the way to make easy money... thinks houses always go up... bought multiple BTL houses and flats all over the country and one in florida !!!! he has never stepped foot in 'the city'... he still thinks houses only go up in the long term... is completly oblivious to any kind of reasonable attempt to talk to him about the impending meltdown.

and on top of all this you think I "destroyed the economy!!" well I have two words for you and they arn't nice ones.

I hope you can sleep at night.

So what do you do, where does your money come from? what is productive about your work that adds real value to the economy?

[BoomBoom]

So what do you do, where does your money come from? what is productive about your work that adds real value to the economy?

Yes, ******face here seem unable to realise that he and the gaggle of corporate tax dodgers he works for are far bigger parasites than all the dole claimants in the land.

Edited March 16, 2008 by BoomBoom

[Crashman Begins]

Another couple thousand portfolios will be up for sale soon then.

Spoilt for choice will be an understatement

[jonpo]

Because its a giant ponzi scheme that makes money by selling debt (slavery) to the masses while convincing them its a good thing? One thats helped push up house prices beyond what most can afford? by acting as a dutch disease on the uk economy destroying what hope we have of being competitive in other areas? by facilitating asset stripping of fundamentally sound business by hedge funds hoping to make a quick buck? by destroying the uk economy for a quick buck? by causing a recession/depression thats going to be worse than anything since the 1930's because of pure unadulterated greed?

Take your pick, i can give plenty more.

look I can assure you my career in the city has not involved selling a single thing.

I have never convinced anyone to do anything. (apart from one of my friends I convinced not to buy a house)

I have never acted as a dutch disease nor know of anyone acting as such a disease.

I have never faciitated asset striping by hedge funds... my only experience of them was when they bought my company asset stripped it and sold it on....

I have never destroyed the UK economy lloking for a quick buck

I have not caused a recession of similar magnitude to the 1930s... If you had the slightest grasp of economic history you would know such an event was inevitable sooner or later. my own life with no debts no borrowings and a small amount of assets is not the cause. nor is the cause the behavior of my employer which has not lent any credit instruments to anyone.

so I think you will find you are factually compromised in that posting sir.

[BoomBoom]

look I can assure you my career in the city has not involved selling a single thing.

I have never convinced anyone to do anything. (apart from one of my friends I convinced not to buy a house)

I have never acted as a dutch disease nor know of anyone acting as such a disease.

I have never faciitated asset striping by hedge funds... my only experience of them was when they bought my company asset stripped it and sold it on....

I have never destroyed the UK economy lloking for a quick buck

I have not caused a recession of similar magnitude to the 1930s... If you had the slightest grasp of economic history you would know such an event was inevitable sooner or later. my own life with no debts no borrowings and a small amount of assets is not the cause. nor is the cause the behavior of my employer which has not lent any credit instruments to anyone.

so I think you will find you are factually compromised in that posting sir.

Then I don't see how you can be a city worker. By what means does your employer make a profit?

[jammo]

These people were only trying to milk as much hard-earned money from us softies for the time period that was allocated to them. Some of them will have succeeded and will be tomorrows evil rulers, others will have spunked their money on women and coke. So be it. But they shouldn't be cast aside so easily, remember one must be a true sociopath to get one of these jobs. What will the world be like with all of these sociopathic nightmares roaming the streets???