US slowdown is affecting employment across the globe, but the financial services sector leads the rest
Leading the race is America’s largest bank – Citibank – which posted an overall loss of $5.11 billion for Q1, 2008 and plans to ‘do the pink’ to as many as 9,000 workers (it had 21,000 job cuts in 2007). Royal Bank of Scotland announced in April that 7,000 employees could hit fleet street soon enough. Loss making Merrill Lynch, too, revealed plans to axe 4,000 jobs globally. The Confederation of British Industry announced last month how this quarter would see over 10,000 job cuts in UK’s financial sector. The Challenger US employment report shows that US, in January & February 2008 together, had a killing 147,077 job cuts, with the global financial sector taking up a significant majority (22,056 in February itself). Globally, firms like UBS, JPMorgan Chase & Co. are all ‘pinking’ it.
What about the near future? Ian Stewart, associate director of Deloitte Research revealed in a recent report that “Over half of (global financial) companies plan to slow down hiring and almost 40% are considering cutting workforces.” Did you hear about the world tour Aerosmith undertook last year? Do you know that they’re planning to do it again? Uhh
Leading the race is America’s largest bank – Citibank – which posted an overall loss of $5.11 billion for Q1, 2008 and plans to ‘do the pink’ to as many as 9,000 workers (it had 21,000 job cuts in 2007). Royal Bank of Scotland announced in April that 7,000 employees could hit fleet street soon enough. Loss making Merrill Lynch, too, revealed plans to axe 4,000 jobs globally. The Confederation of British Industry announced last month how this quarter would see over 10,000 job cuts in UK’s financial sector. The Challenger US employment report shows that US, in January & February 2008 together, had a killing 147,077 job cuts, with the global financial sector taking up a significant majority (22,056 in February itself). Globally, firms like UBS, JPMorgan Chase & Co. are all ‘pinking’ it.
What about the near future? Ian Stewart, associate director of Deloitte Research revealed in a recent report that “Over half of (global financial) companies plan to slow down hiring and almost 40% are considering cutting workforces.” Did you hear about the world tour Aerosmith undertook last year? Do you know that they’re planning to do it again? Uhh
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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