Doom - 100,000 job cuts

[BlasterBates]

...predicted in New York, 34000 already gone. Looks like the job market in NY isn´t too hot lately.

job cuts

The question is will it get this bad in the City? Or is the City different?

[AtW]

I am sure all those bright executives will be going to create their own startups doing something useful for humanity...

[PAH]

I'm sure they saved those annual bonuses incase of a bit of time off, instead of blowing it all on flash cars, overprices grape juice, and women who have gold prospecting on their cv.

If not,

[Diver]

British immigration overwhelmed by 21,000 applications for work visa's by IT specialists contractors from USA wanting to find work in UK. LINKY

[BrilloPad]

...predicted in New York, 34000 already gone. Looks like the job market in NY isn´t too hot lately.

job cuts

The question is will it get this bad in the City? Or is the City different?

sorry but all I care is that the sackings are traders only. as long as IT left alone...

[swamp]

The last recession, the Dot Com Crash, was centred around IT and it was the likes of us that suffered. Other professions were relatively unscathed. Traders still traded, accountants still accounted, and the lawyers still lawed.

This time its the traders who are screwed. Of course we will suffer too, but it's the banks who will suffer the most.

[AtW]

Traders still traded, accountants still accounted, and the lawyers still lawed.

ripped off


This time a lot of people will suffer - not lawyers though as there will be plenty of lawsuits about these derivatives tulip. IT in the City will suffer very harshly because all that big money paid came from gambling activities that took firm hold there.

[swamp]

This time a lot of people will suffer - not lawyers though as there will be plenty of lawsuits about these derivatives tulip. IT in the City will suffer very harshly because all that big money paid came from gambling activities that took firm hold there.

True, certain lawyers can do very well out of a recession, like receivers in the '92 recession.

But there will be a bundle of new compliance regulations that will need implementing in the wake of the credit crunch, plus improvements to internal risk analysis.

[AtW]

But there will be a bundle of new compliance regulations that will need implementing in the wake of the credit crunch, plus improvements to internal risk analysis.

Well, I am inclined to think that the whole set of complex derivatives will be avoided for a very long time - this was sure a nice job creation scheme while it lasted, which won't be for long (if banks were to learn any lessons).

The crisis has not started yet, when it happens political pressure to legislate in this area will be impossible to ignore.