Recently Lloyds announced they would reduce staff by 15,000. Now HSBC will cut 30,000. http://uk.news.yahoo.com/hsbc-outline-10-000-job-losses-015255708.html
Was on a early morning conference call with GS. Many US banks are also preparing pink slips. HSBC is just the First GLOBAL BANK to pull the trigger. We will see a lot more in the "Financial World" loosing their jobs. Primary targets are BROKERS. Those brokers who deal with Mid level income. High Net Worth wealth managers and PE guys are not on the radar at this moment. FYI
HSBC are firing 3% of the total workforce. It's just a way to give managers an opportunity to fire people they find inefficient (or don't like) but can't nail for bad performance. If the bank offers voluntary redundancy, there will be serious competition for being made redundant via this program. A few months salary on top of other redundancy benefits... and with a bit of luck you can come back in a year as a contractor on massively inflated pay.
For sure many employees will be having no work if it will happen. However the company must oblige to give some funds for those persons that will be affected.
Major Wall Street Banks are Planning Huge Layoffs 10 Signs That Wall Street Is About To Go Into Panic Mode. A "negative feedback loop" has "taken control" on Wall Street meaning that bad economic news is creating an "environment of pessimism" which creates even more bad economic news, etc. etc. http://www.businessinsider.com/10-s...wall-street-banks-are-planning-huge-layoffs-1
I think the time of expectations is over. It is just a broke market. It won't matter what people think soon. They will have nothing.