Thursday, January 3, 2008

Unemployment ahead

Financial Giants Gear Up To Cut Thousands of Jobs

"After geting burned by billions of dollars in losses from the mortgage meltdown, financial giants like Merrill Lynch and Citigroup are gearing up for major job cuts, and could start announcing layoffs as soon as Thursday, CNBC has learned. The jobs cuts, which may be made over several weeks, could total up to 10% of those employees who are not in investment banking or brokerage operations, or about 1,600 positions. The credit and bond departments are most at risk..."

Posted by alan @ 04:31 PM (425 views)
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2 thoughts on “Unemployment ahead

  • dohousescrashinthewoods says:

    There has been a persistent groundswell of job losses for the last year and it looks like it’s about to shift up a gear (what with EAs going to the wall, taking builders, developers, HIP assessors etc. with them).

    Let’s be clear, those “sound economic fundamentals” that Halifax has been begging on for the last couple of years look to be peeling away.

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  • The miracle economy based on HPI has hit the buffers!

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