23-11-2011, 09:06 AM
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Read this Bloomberg article CAREFULLY:
Wall Street Unoccupied With 200,000 Job Cuts - Bloomberg
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Banks, insurers and asset managers in Western Europe have been hardest hit, announcing about 105,000 dismissals this year, 66 percent more than the region’s losses in 2008 at the depths of the financial crisis, Bloomberg data show. The 50,000 job cuts in North America this year are more than twice last year’s and fewer than the 175,000 in 2008.
Almost every week since August has brought news of firings by the world’s biggest banks. HSBC Holdings Plc (HSBA), Europe’s biggest lender, announced that month it would slash 30,000 jobs by the end of 2013. In September, Bank of America Corp. (BAC), the second-largest U.S. lender, said it would cut the same number of jobs. Both banks are trimming about 10 percent of their employees. Last week, BNP Paribas, France’s largest bank, said it will cut about 1,400 jobs at its corporate and investment- banking unit, and UniCredit, Italy’s biggest, said it plans to eliminate 6,150 positions by 2015.
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“Until now, at many firms, a lot of investment bankers have been convinced that we are living now in a limited period where things are a bit more difficult and afterwards the old world will come back,” Kaspar Villiger, 70, chairman of Zurich- based UBS said in an interview this month. “This illusion has now vanished.”
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