Subscribe to The Money StopNews Feed

Browse > Home / News / Global financial job losses to be huge

Global financial job losses to be huge

January 5, 2009 by admin  
Filed under News

1 Comment

According to recently released figures the number of jobs that are set to go within the global financial sector will be far greater than originally anticipated, and it is thought that around 350,000 jobs could be lost as a result of the turmoil that has wreaked havoc in the financial sector since the onset of the global .

Many people in the financial sector across the globe, including the UK, have already lost their jobs, and many more will see the jobs go in the near future according to officials.

With banks losing trillions of dollars around the world, many positions in the banking industry are set to go, and many executives that may have become used to getting fat bonuses each year will have to learn to do without, as banks try to make cutbacks. One industry official said that the job losses will equate to around 20 percent of the global workforce based on figures before the onset of the credit crunch.

Brian Sullivan, chief executive of CTPartners, said: ‘This is the financial equivalent of World War Two. It’s unprecedented. You’re seeing a seismic shift in the population of banking.’

He added: ‘Without the massive leverage that’s been in the system, the business of some of these big investment banks simply isn’t going to be there. You’ll go back to the investment banks of the 1960s and 70s.’

Many people working within the financial industry have said that they would be prepared to take a pay cut rather than risk losing their jobs, as getting back into the financial sector in a position with another employer would be practically impossible in the current climate, where many companies in the financial sector are actively cutting back on staffing levels.

Tags: economics, credit crunch, Global, Brian Sullivan, seismic shift

Tags:

Related Entries

  • Bill for losses from floods could be more than £100 million
    • It has been estimated that the bill for the losses that were suffered in the recent and devastating floods in Cumbria could come to more than £100 million, according to a recent report. Hundred and
  • How safe is your job?
    • Many of us thought that 2008 was a rocky year, but there is a lot of evidence pointing to the fact that this year could be even more turbulent, not least because of the number
  • MPC official expects growth in the economy
    • According to a recent report an official from the powerful Monetary Policy Committee has predicted that there will be growth in the UK economy over the course of this year. The MPC member said that
  • Overdraft interest charges hit highest level in ten years
    • Since the catastrophic global credit crisis swept across the UK, leaving the banking industry to face huge losses, the UK's banks have been taking whatever steps necessary to try and recoup the massive losses, which
  • Insurance firms could face huge losses
    • According to a recent report the insurance industry could be facing huge losses as a result of the global credit crunch, with tighter household finances forcing many consumers to either downgrade or cancel their insurance
  • RBS unveils huge losses
    • Banking giant, Royal Bank of Scotland, which also owns NatWest, has recently revealed huge losses of around £28 billion, which reflects the biggest loss in British commercial history. RBS shares recently fell to the lowest
  • Is wedding insurance cover a good idea?
    • As a nation we Brits love to feel secure and safe with total peace of mind that we have done all we can to protect ourselves and our loved ones from a range of eventualities.
  • Is wedding insurance cover a good idea?
    • As a nation we Brits love to feel secure and safe with total peace of mind that we have done all we can to protect ourselves and our loved ones from a range of eventualities.

Comments

One Response to “Global financial job losses to be huge”
  1. joboutlets says:
    January 21, 2009 at 1:33 pm

    Everyone is expecting recession getting over soon. I have a very close friend, who graduated from Harvard. Worked for ML for over 8 years, recently he’s been “right sized” too, despite of his outstanding performance and the increasing revenue he generated. OMG, now the banking industry is badly hurt, how long it would take for those financial background guys like him get back to the job market. Banking jobs are not there as much as before

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!