Tuesday, April 01, 2008

Banking Industry To Lose 200,000 Jobs

Financial research firm says cuts will appear over 12 to 18 months as subprime crisis hits other areas of the banking industry.
The U.S. financial industry has been shedding jobs at a record clip, and some analysts predict the pace will only accelerate over the next year-and-a-half as banks cut costs in the face of the housing market slump and the weak economy.

Analysts at the financial research firm Celent LLC said in a report Tuesday that they expect the U.S. commercial banking industry - essentially, all companies that lend or collect deposits - to lose 200,000 of its two million jobs over the next 12 to 18 months.

An annual loss of 200,000 jobs at the nation's commercial banks would be an unprecedented number.
That is 10% of the banking workforce. These are white collar jobs with good benefits. Those that oversaw this nightmare will never have to work again but those who did nothing will pay the price. It appears the American public has finally woken up and can see their standard of living decreasing but did they wake up too late?

This second period of the robber barons in our history has once again caused financial hardship not seen since the Great Depression. It seems though we never learn from history and just keep repeating the same mistakes over and over.

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