City Job Losses - Telegraph predict 110,000!

dopester · 17 September 2008 at 1:46PM

Did you notice how compliantly the Lehman staff went?

No riots or smashing stuff up. This is the green-light for the other banks to shed all the unnecessary waste in the quest for recovery.

In fact quite a few seemed to make a big play of posing about - and some milled around the bars, gurning their Lehman sorrows up for the cameras

Although the smart ones kept their heads down and left swiftly, not giving any interviews, and wanting to have their image/name associated forever associated with failure.

This really is an event. If their jobs were so worth it the banks wouldn't have gone under. Yes, it feedbacks hard on to the wider economy, but you can't prop up failure and recklessness.

So many photos..

fatpig_2 · 17 September 2008 at 1:50PM

Some of them have only got 5 million quid left in their bank accounts. It's gonna be tough for them come the recession they caused. Give it back you leeches!

dopester · 17 September 2008 at 1:52PM

Generali wrote: »

Well if 30% of the jobs are going to go it's a fair assumption that 30% of GDP will go too.

According the Corporation, 4% of the UK's GDP is generated in the Square Mile. Rule of thumb suggests that's 1.2% off GDP. Then there's all the nannies, barmaids, shop workers and so on that'll lose their jobs too.

Tough times my friends.

Absolutely. I project it the contagion of such job losses in the City goes further than that, impacting heavily on many areas that make up for GDP. Everything is connected in many ways to everything else.

manhattan · 17 September 2008 at 2:42PM

chucky wrote: »

lol, lol - I like the fact that you've picked out a report by that great financial journalist that Rowena Mason is the 'expert' in Finance and the City of London

Reporting on Bob Geldorf setting up a peace Channel
http://www.afterdowningstreet.org/node/36025

Reporting on on-line bingo
http://www.onlinebingo.net/2008/09/telegraph_defines_online_bingo.html

Reporting on Beer/Ale
http://www.realalenews.co.uk/

She is obviously a classic financial journalist.

110,000 will never happen just like I stand with 40,000 in the previous post that you bothered to hunt through the archives for - you sad, sad lonely and very single man :rotfl: :rotfl: :rotfl: :rotfl:

let your HPC doom crew know that i'm here all week

"HI I'M CHUCKY WANA PLAY?" :eek:

WTF?_2 · 17 September 2008 at 2:55PM

chucky wrote: »

lol, lol - I like the fact that you've picked out a report by that great financial journalist that Rowena Mason is the 'expert' in Finance and the City of London

Reporting on Bob Geldorf setting up a peace Channel
http://www.afterdowningstreet.org/node/36025

Reporting on on-line bingo
http://www.onlinebingo.net/2008/09/telegraph_defines_online_bingo.html

Reporting on Beer/Ale
http://www.realalenews.co.uk/

She is obviously a classic financial journalist.

110,000 will never happen just like I stand with 40,000 in the previous post that you bothered to hunt through the archives for - you sad, sad lonely and very single man :rotfl: :rotfl: :rotfl: :rotfl:

let your HPC doom crew know that i'm here all week

There's little point of addressing whatever relevant content your post might contain (which by the looks of it, is very little) as experience shows that you'll just go back at some stage and delete your posts .... based on the last time we argued about this when you scoffed at predictions of 40k losses coming from a JP Morgan report.

However, I would point out that the journalist is merely reporting about a report issued by "The Hay Group and the Centre for Economic and Business Research". Perhaps you'd like to go out and trawl the internet for material to belittle them - although coming from a poster who has been so thoroughly discredited like yourself, your post will carry little weight.

Dithering_Dad · 17 September 2008 at 3:28PM

!!!!!!? wrote: »

Anyone remember this thread where we had an argument over a possible 40k job losses in the city?

http://forums.moneysavingexpert.com/showthread.html?p=10253189#post10253189

Well, now the outlook is a monster 110,000 job cuts according to the Telegraph....

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/16/bcnjobs116.xml

Things are going downhill fast now.

"Does anyone remember this thread from back in April".

Jeeze !!!!!!, posting on the MSE Housing forum really is your life isn't it? I don't wish to be mean, but you really need to have a break and stop logging onto your PC in order to socialise. I know it's hard for you in the real world, but you really should make an effort.

The only person who really cares about what you (or anyone else) posted in the past is you, and that's because you have nothing else in your life. This is as revealing as your other statement where "Posts should stand as a public record", as though you think so much of your posts that they should go into a government archive, to be reviewed by historians.

It's sad, it really is.

<- look, this is me feeling sorry for you.

sympatex · 17 September 2008 at 3:30PM

I would have been straight on the phone to agencies to get another banking job before my other few thousand colleagues followed through the doors instead of staying down the pub.

Anyone who loses their job through no dirct fault of their own has my sympathies, i may reserve judgement on estate agents though, they can burn.

moanymoany · 17 September 2008 at 3:38PM

If a minimum wage paying meal packing company goes belly up and they all lose their jobs it is like throwing a garden pebble into a large pond. The splash doesn't reach the edge.

If an organisation like Lehmans goes belly up and they all lose their job it is like throwing a huge boulder into the same pond - we all get splashed.

There have been many posts on here saying there have been redundancies and job losses. Mostly it has been smaller organisations. The spin off from Lehmans, however, is going to be huge. Just think of what they bought just to keep the company going - all the pc's, paper loads of stuff - then all the cleaners, all the maintenance workers ..... etc. etc. etc

Lots of small businesses who are entirely or mostly reliant on Lehmans will also go. It goes on and on, and it is all very sad.

kennyboy66_2 · 17 September 2008 at 3:58PM

moanymoany wrote: »

The spin off from Lehmans, however, is going to be huge. Just think of what they bought just to keep the company going - all the pc's, paper loads of stuff - then all the cleaners, all the maintenance workers ..... etc. etc. etc

Lots of small businesses who are entirely or mostly reliant on Lehmans will also go. It goes on and on, and it is all very sad.

Exactly, even though cleaners in the city are often notoriously poorly paid.
Perhaps a few more people will think of this before gloating at the downfall of such banks.

ashbash204 · 17 September 2008 at 4:22PM

May be stating the bleedin' obvious, but if the big bankers go, watch the small businesses that are just looking for a bit extra to tied them over go too. Chum of mine has a small furniture shop, doing ok-ish, last year banks falling over themselves to support /lend, now everything dried up and heavy demands for re-payments /debt restructuring, she'll be gone by January at the latest I reckon, along with three staff...many more to go soon.

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City Job Losses - Telegraph predict 110,000!

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