Last August, banking analyst Meredith Whitney said securities firms would lose as many as 80,000 jobs by early 2012.
Her prediction has come true – and then some. According to data from Bloomberg, banks, insurers and asset managers have laid off 195,000 people so far this year, up from the 174,000 who were eliminated in 2009, during the height and aftermath of the financial crisis.
Multiple firms have announced plans to shed staff just in the last week, and we can't solely blame the French, or the Greeks, for that matter. BNP Paribas said it will cut 1,400 jobs in the investment bank and Societe Generale said it would eliminate "several hundred" jobs in the French corporate and investment bank.
Citigroup may ax as many as 3,000 jobs, 1% of its workforce, with 900 of the cuts coming from the securities and banking division. Chief Executive Officer Vikram Pandit said last month the bank may have to resize due to market conditions.
Neither side of the Atlantic appears to be safe right now.
It's been real, Midtown. MF Global Inc., the broker-dealer unit of MF Global, is taking its 100 newly rehired employees to a cheaper space downtown after Thanksgiving.
Expanding Operations (Cleveland.com)
JPMorgan Chase wants to hire 120 mortgage professionals in the greater Cleveland area before the end of the year. The bank has hired 100 people for the Cleveland unit since July.
Where the Money Is (Financial News)
U.K.-based private bank RBS Coutts has been filling positions in London and Dubai. As the number of millionaires grows across the world, private banks are bringing on staff to help advise them on their wealth, a trend set to continue into 2012.
Stay home if you've got a cold. It won't help your colleagues or clients if you get them sick, and it's cheaper for the firm to provide paid sick days than it is for you to come in with a fever and halt productivity.
Now that a former UBS chairman is behind it, breaking up Credit Suisse and UBS into their separate investment banking and consumer banking components may gain more traction.
Using Technology (Yahoo! Finance via Marketwire)
A new survey finds that 1 in 6 Americans used social networks to snatch up their most recent jobs, more than 22 million people in total. That's up nearly 8% from last year.
Buzz Around the Office
Going Up! (YouTube)
Doesn't everyone need a good workout at the mall?
List of the Day: Managing Upward
Chances are you're going to have an unpredictable boss sooner or later. Instead of flaring up when they do, follow the steps below to ensure your relationship stays intact.
1. Explain the reasoning behind your behavior. Do not leave your boss in the dark.
2. Figure out how they like to be disagreed with, whether it's in public or behind closed doors.
3. Tailor your attitude, office and even dress code to show you're not above them.
(Source: Forbes)
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