Posted on 02/24/2009 12:35:45 AM PST by TigerLikesRooster
Financial job losses accelerating: U.N. agency
Mon Feb 23, 6:50 pm ET
GENEVA (Reuters) – Jobs in the financial sector are disappearing at an accelerating rate, with knock-on effects for the broader economy in financial centers such as New York and London, the United Nations said on Monday.
A report from the U.N.'s International Labor Organization (ILO) for a meeting this week on the impact of the economic crisis on the more than 20 million people employed in the sector said financial services employment is now likely to shrink permanently, in contrast to recent strong growth projections.
Announced financial sector layoffs between August 2007 and February 12 this year totaled 325,000, and close to 130,000 jobs or 40 percent were announced between October 2008 and February 12, indicating a rapid acceleration over recent months, it said.
"As the global economy sinks further into recession, and financial institutions' assets experience even greater impairment, job losses can be expected to rise even faster," the ILO said.
Redundancies are likely to affect all kinds of jobs in the sector, including information technology specialists that were spared in previous waves of job losses, it said.
While the losses are worldwide, financial centers like New York and London will bear the brunt, with the combined New York metropolitan area expected to lose up to 100,000 financial services jobs, it said.
(Excerpt) Read more at news.yahoo.com ...
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“Are you looking for a job?”
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It is just spiraling out of control, isn’t it? The economic contraction toward depression looks unstoppable. Things are unraveling much, much more quickly than I ever could have expected a year ago. I knew we were going down hard but had no clue we were going to go down this fast.
The article said — “A report from the U.N.’s International Labor Organization (ILO) for a meeting this week on the impact of the economic crisis on the more than 20 million people employed in the sector said financial services employment is now likely to shrink permanently, in contrast to recent strong growth projections.”
LOL..., there couldn’t be a better sector to have permanent job loss than the financial sector, considering what they’ve given us...
You said — “t is just spiraling out of control, isn’t it? The economic contraction toward depression looks unstoppable. Things are unraveling much, much more quickly than I ever could have expected a year ago. I knew we were going down hard but had no clue we were going to go down this fast.”
Ummm..., just wait for a few more posts and some FReeper will “correct you” and tell you that there is no financial crisis and you shouldn’t be listening to the U.N. or the MSM, since they are simply feeding your propaganda and that certain people are simply trying to create the “illusion” that there is a crisis.
Yes, there are FReepers who will tell you this... the crisis is “all in your head”...
[... any FReeper takers... LOL...]
—
And while we’re waiting for those certain FReepers to show up..., you might have some fun with these...
Problems Hitler had with his mortgage...
http://www.youtube.com/watch?v=bNmcf4Y3lGM
—
Also, “Ballad of Bernie Madoff”
http://www.youtube.com/watch?v=n8pcME4MMj0
...except those job losses will echo through the entire economy.
Judging from asia and europe, wall st is not going to be pretty tomorrow. throw in ben’s appearance on tv and it’s gonna be a bumpy ride.
You said — “...except those job losses will echo through the entire economy.”
I would rather employ a computer than those guys in the financial sector and the computer would do a better job anyway. More important are the guys who have jobs building things, manufacturing things, and doing other jobs for human necessity in the economy.
Those financial guys can go get jobs as greeters at Walmart... LOL...
The things that those guys build, manufacture, etc. have to be financed. As important as the builders and manufacturers are, they don’t do it for love. There has to be a paycheck waiting at the end of the week.
Pay a computer... those finance buys have come up with frauds and things that are “smoke and mirrors”. I think a computer would work better...
But, for those guys who do want to become finance guys, I think an internship as a Walmart greeter should be mandatory for at least five years...
A computer model would no doubt send all the money to China or India.
It’s completely understandable that you want to extract some measure of revenge on guys who screwed up in an historic way while feathering their nests with enough cash to see themselves, their children and great-grand children comfortably through whatever the future may hold.
And, the fact of the matter is, a wal-mart greeter is a humbling job. Hence, an appropriate revenge for the Masters of the Universe.
That said, they’re only part of an impersonal system currently in meltdown mode. If that system goes into failure mode, I promise you, what replaces it will be a lot more brutal than some Wall Street moron.
You said — “That said, they’re only part of an impersonal system currently in meltdown mode. If that system goes into failure mode, I promise you, what replaces it will be a lot more brutal than some Wall Street moron.”
It is already in failure mode. The old system is done for. A different and new financial system will come out of it and it will be a decade or more before things get back to any semblance of order and people even start to begin thinking about recovery...
I don’t believe it’s completely failed. The markets are still functioning reasonably well, though not to anyone’s satisfaction. We’ve only seen a couple runs on the banks, including “electronic runs.” People are still going to work in the financial centers of the world, a lot of them trying to untangle the mess. And, for the most part, people are remaining relatively calm. That’s all good news.
The bad news — as you said — the old system is over. And we have to navigate some perilous waters to put a new system in place.
....also, I fully expect whatever solution is presented to be argued, debated, and passionately defended and denounced, in the best of American traditions.
They put hundreds of billions of dollars in their pockets very quickly.
...tax dollars, that is.
I guess this will require a new UN task force/ advisory group/ militia. It will be a massive unit and the US will be expected to finance 75% of its cost.
Let me guess. THESE are the jobs we’re supposed to shed a tear for.
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