Job losses in the global financial services industry this year are close to surpassing 200,000 as Citigroup Inc. (C), Franceâs BNP Paribas SA and Bank of America Corp. (BAC) eliminate employees to reduce costs. Citigroup, the U.S. bank that shook up senior management earlier this month, may cut as many as 3,000 jobs as Chief Executive Officer Vikram Pandit squeezes out costs, said a person familiar with the companyâs plans. BNP Paribas, Franceâs biggest bank, said today it will trim about 1,400 jobs at its investment-banking unit, with most coming from the lenderâs capital markets and structured-finance teams. Bank of America also cut part of its equities unit in Europe yesterday. The reductions add to the 195,000 banks, insurers and asset managers announced this year, and surpass the 174,000 losses in 2009, data compiled by Bloomberg show. http://www.bloomberg.com/news/2011-...der-3-000-job-cuts-as-pandit-trims-costs.html Excellent job, banksters!!!! Keep on moving attacking sovereigns in Europe and another 200.000 will be lost. Clueless braniacs!
Its the weeding out of the wall street herd. Many licensed professionals on staff who now have 2 years to get back a licensed position or lose their status of the licenses. Once its done then you see fewer professionals and then you get more fees per professional. The SEC needs to extend the license window to 4 years and allow smaller firms to open up. I would like to see some of the 300,000 bankers that got fired open up a new bank and take away all the business from the existing companies. Where is the competition? I think the regulation in the market stifles new banks and brokerage firms from being created. Its now the big 10 Banks or nothing. Every december I remember watching "Its a Wonderful Life" and this market looks like that movie. On the bright side when smart people stay home they sometimes create exciting things in their Garage. Maybe a new innovation boom may be around the corner. NO Bonuses should be paid if the company is not profitable. Then watch how many CEOs go to jail for Cooking the books.
"the industry is shrinking" Reason: 90% of them can only make money in a bull market, from both going naturally long and off the increase in bid-offer flow. Same with banking business (making loans, not trading related). Folks, it takes little intelligence to make money in a bull market via buying or making loans of ever increasing size and risk. Same with selling a $10 bill for $5, no talent or skill needed! But when the bull market stops, we can all see how naked everyone really is (or however Buffer put it). Makes a mockery of the 'we've got to pay to retain the talent'.........
They will al go and try to trade for temselves at home now.... If they didnt spend all their money from the good years on coke or booze.