I read everyday about more companies and states cutting jobs. How are we going to lower unemployment when more and more people are losing their job?
Firms, including Goldman Sachs (GS, Fortune 500) and Credit Suisse, have begun a series of quiet layoffs in which employees were told in August that they could retain their salary and title but would not have a job as of Oct. 1, according to two sources who have interviewed prospective employees from these firms. While crediting the banks perhaps with a bit of altruism as it's easier to find a job with a job, the primary drivers of these "tap tap" layoffs is twofold: The financial institution can decrease the number of reported layoffs if these employees find other jobs. Secondly, the banks will lower their expenses for the fourth quarter. http://money.cnn.com/2011/09/12/markets/wall_street_layoffs/index.htm