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1300 City jobs go today, another 1000 tomorrow?

WTF?_2
Posts: 4,592 Forumite
Daily Mail:
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=560290&in_page_id=1770
Looks like the bloodletting really has begun.
JP Morgan forecast a total of 40,000 jobs to go in the City.
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=560290&in_page_id=1770
Looks like the bloodletting really has begun.
JP Morgan forecast a total of 40,000 jobs to go in the City.
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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
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Comments
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As much as it grates me when I hear about the bonuses etc the city folk get, I think any job loss, in whatever sector, is devastating, not only for the individual but for the economy as a whole0
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Well at least some are bearing the consequences of their actions.
More regulation needed in the city and financial sector in general perhaps to prevent this sort of thing happening in the first place? (credit crunch) etcI always wanted to be a procrastinator, never got round to it...0 -
Well at least some are bearing the consequences of their actions.
More regulation needed in the city and financial sector in general perhaps to prevent this sort of thing happening in the first place? (credit crunch) etc
Just spoke to a mate at one of the banks mentioned in the article and he reckons they're going to be getting rid of a lot more people than that.
A load of jobs are going abroad and a lot more are just surplus to requirements.0 -
I've been made redundant pretty much 1-2 times per year every year for the last 25+ years.
It's good for people to do it at least once in their lifetime just to see how things are "on the other side".
In fact, part of my Plan A when I moved was to look at working at 2 companies I'd worked at before .... and within 2 weeks of me arriving here they both laid off a bunch of people in the specific department I would have been targetting.
Then I started to apply online for another job up the road and before I'd even finished the form it was announced that jobs would go and the buildings even probably sold.
I'm kind of known to people as "The Black Widow" when it comes to jobs.0 -
According to The Times one of the banks has decided that it's not very nice to call people to HR that are losing their jobs as the phone rings, person links, "Oh hell" and never returns. Instead, each person in turn gets the call and has to go to HR. Some are told, "You've lost your job" others "You've kept your job".
A story I remember from the end of the dot com bubble was a chap was leaving the car park and his card wouldn't work. It turned out he'd been fired and that HR were going out on a jolly and decided to turn it off before they left the office rather than have someone trapse back to do it.
One last one was again from the end of the dot com bubble where a bank (JPMorgan???) was on the front page of the business section of the Sunday Times under a headline of x hundred set to lose their jobs. One department went in the following day and there was a black bin liner on everyone's desk (by tradition, you are handed your personal things in a black bin liner when you get fired from a bank) and no sign of the boss. She eventually turned up late and flustered and full of apologies and said, "Well I thought that the office is looking a bit cluttered and that we should all have a clear out". She didn't see the Sunday Times obviously...0 -
here we go again... why are you always trying to scare and predict doom on every forum and every thread you go on...
Oh dear, looks like you are in 'la la la la la la la la la la la la la la la la' modefor a more realistic picture of what is happening take a look at this
http://www.cityam.com/index.php?news=11808
far from the 40,000 that a paper that always has very dubious headlines.
!!!!!!? I'm not surprised that you read the Mail - probably suits you...
You should blame JP Morgan for the 40,000 estimate. They are the ones who made it.
And the headline you linked to says "Jobs bloodbath engulfs London as banks cull thousands" so I don't know why you are complaining about me posting scary doom-laden stuff--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
I bet that new porsche and £80k bottle of champagne suddenly feel a bit irresponsible...0
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ignorance has obviously been given to you in great abundance my friend...
i'll try and explain so that you may understand but probably not.
if you look at the JP Morgan comments the job cuts are worldwide related to UK Operations... quite a bit of JP Back Office operations come out of India...
most of their Credit business (Structured and Flow) is mostly based in Europe which means that anything related to this business will suffer cuts. which means PLEASE READ THIS CAREFULLY AND UNDERSTAND that there will be job cuts across this sector in a number of countries not just the UK.
my link explained this but you obviously did not understand and went on your usual doom and gloom rant.
i'm sure you'll try and reply to this with some tangent comment but please do...
Good grief, here we go again. I'm not going to get dragged into yet another slagging match so I'll just post a couple of sources. I've highlighted the parts you might care to pay particular attention to.
Here's a quote from the Telegraph, referencing the report:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/16/cncity116.xml
JP Morgan's new estimate came from its property team, rather than its economists, who said in a note: "We expect a potential 40,000 job losses in the City and minus 16pc rental growth."
Here's a quote from Reuters, concerning the JP Morgan comments:
http://uk.reuters.com/article/idUKL1567150420080415
LONDON (Reuters) - Total job losses in London's City financial district are likely to hit 40,000 due to fallout from the U.S. subprime crisis and global credit crunch, analysts at JPMorgan said on Tuesday, doubling their previous estimates.
and finally, here's one from Banking Times:
http://www.bankingtimes.co.uk/16042008-jp-morgan-internal-report-predicts-40000-city-job-losses/
What is now widely recognised as a global financial crisis unlike any other, could cost up to 40,000 jobs in London’s financial services sector during 2008 and 2009.
Is that enough for you?--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
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Well said CHUCKY, he wont respond and will try and troll somewhere else:T0
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