• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Finance cuts 'hit recovery hopes'

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Finance cuts 'hit recovery hopes'

    http://news.bbc.co.uk/1/hi/business/8031780.stm

    Jobs axed by banks and insurance firms are denting their chances of recovering from recession, the union Unite says.

    It said finance firms had cut about 20,000 jobs in the first four months of 2009 and the cull of skilled workers could jeopardise any future recovery.

    Unite said its members were not the highly paid executives and traders that caused the economic meltdown.

    Finance firms say job cuts are needed to reduce costs in the wake of huge losses brought on by the credit crunch.

    About 4,500 members have been sacked at Royal Bank of Scotland, the union said, while Merrill Lynch has cut 1,900 jobs.

    Barclays, Lloyds and Aviva are among the others to make heavy redundancies since the start of the year.

    'Highly trained'

    "Confidence in the sector can only be regained through the efforts of the vital staff in branches, processing and call centres up and down the country, said Unite's national officer Rob MacGregor.

    "We are infuriated that banks and insurance companies are failing to recognise the damage that will be done to their businesses if they continue to simply slash thousands of staff each month.

    "Nearly 20,000 job losses in the last four months represents a significant loss in the sector.

    "The financial services industry must ensure that it protects its workforce in order to stand a chance of emerging from the current crisis.

    "Without these highly trained and experienced people there is no chance that the UK will be able to rebuild its reputation for a world class industry."

    Unite said it wanted the financial industry consider the "long-term implications of their short-term cost-saving plans".

    "The herd mentality which has now griped the sector in the race to cut staff will simply damage the UK economy," it claimed.

    ======================================

    Rare for me to agree with unions : but in this case they are spot on.

    #2
    "highly trained and experienced people"

    Now, where have I heard that phrase before?????
    How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

    Follow me on Twitter - LinkedIn Profile - The HAB blog - New Blog: Mad Cameron
    Xeno points: +5 - Asperger rating: 36 - Paranoid Schizophrenic rating: 44%

    "We hang the petty thieves and appoint the great ones to high office" - Aesop

    Comment


      #3
      Perhaps the public sector should also realise that it is time to make cuts and efficiency measures. At least private sector companies realise that they do not have a bottomless pit of taxpayers funds to keep bailing them out, except banks of course.
      Last edited by Cyberman; 4 May 2009, 10:31.

      Comment


        #4
        The Public sector could start to make cuts by launching Trident.

        Sorry - I meant scrapping Trident.

        Freudian Slip and all that Jazz..

        Comment


          #5
          Originally posted by Cyberman View Post
          Perhaps the public sector should also realise that it is time to make cuts and efficiency measures.


          Got some mates in the NHS who are angry at only getting a 2% pay rise this year.

          Try and explain to them that folks are having to take pay cuts just to keep their jobs and they still dont understand

          The recession is something they hear about on the news. They geniunely dont comprehend it. They seem to view it like a natural disaster in a far away country - looks bad on TV, but doesnt affect them.

          Comment


            #6
            Originally posted by AlfredJPruffock View Post
            The Public sector could start to make cuts by launching Trident.

            Sorry - I meant scrapping Trident.

            Freudian Slip and all that Jazz..
            Boomed - you could say...

            Comment


              #7
              Originally posted by centurian View Post


              Got some mates in the NHS who are angry at only getting a 2% pay rise this year.

              Try and explain to them that folks are having to take pay cuts just to keep their jobs and they still dont understand

              The recession is something they hear about on the news. They geniunely dont comprehend it. They seem to view it like a natural disaster in a far away country - looks bad on TV, but doesnt affect them.


              The private sector have also had to make cuts in pensions, and the public sector will have to follow next year. The Tories have an excellent opportunity to refloat this sinking ship with unpopular but commonsense measures.

              Comment


                #8
                The Tories have an excellent opportunity to refloat this sinking ship with unpopular but commonsense measures.

                More Executive Bailouts ?
                Last edited by AlfredJPruffock; 4 May 2009, 11:24.

                Comment


                  #9
                  Originally posted by AlfredJPruffock View Post
                  The Tories have an excellent opportunity to refloat this sinking ship with unpopular but commonsense measures.

                  More Executive Bailouts ?

                  You are confusing that with inept Labour policies.

                  Comment


                    #10
                    Perhaps if Unite hadn't been so complicit and toothless over these redundancies this situation wouldn't have arisen. In their typical fashion all they are doing is sending a 'stongly worded message' to the big banks who, as usual, will acknowledge and then just ignore.

                    About time we had a few strikes I think.
                    Guy Fawkes - "The last man to enter Parliament with honourable intentions."

                    Comment

                    Working...
                    X