MORGAN STANLEY ISN'T THE ONLY ONE
MORE BAD NEWS : http://money.msn.com/top-stocks/post.aspx?post=22706ccb-8a83-4cd8-b662-0fb43749f5e0
30,000 HSBC layoffs only the beginning
In July, as financial-sector layoffs mounted, a top executive search firm estimated as many as 80,000 jobs might go in this coming round of financial layoffs.
“This is kind of like the beginning of a tsunami,” said Richard Stein of Caldwell Partners. “You don’t get it in one go — it comes in sort of short shock waves.”
Financial-sector layoffs have reached a fever pitch as bank earnings have rolled out. Just a few of the announcements include:
•Barclays (BCS), another top England bank, announced it will lay off several hundred workers soon in addition to 600 earlier in the year.
•Switzerland’s UBS (UBS) has been rumored to be considering layoffs of up to 5,000 people in July.
•Credit Suisse (CS), another Swiss bank, plans to ax about 2,000 staffers, mostly in Europe, despite weathering the financial crisis better than eurozone peers.
That’s a staggering total, and it doesn’t include layoffs we haven’t had confirmed or had leaked to the press yet. And if you haven’t noticed, most of those big banks are abroad.
So the nagging question is not whether Wall Street will take a similar hit but when.
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That’s a lot of “Annualized comp per investment banker”.
Morgan Stanely must be taking advantage of the tax cuts offered to them by opening a managing director department in India...
Job creators...
Schumer screwed his own district.
Not suprising for this to happen. Looking around, one can see more office space being needed to support COOs and bureaucrats across the organization, even more so in business than in IT/Back Office. We producers like to joke about the layers being added in and recent mergers with other entities always results in narrower or overlapping job definitions.
One Taiwanese bank where I knew people, sold off one of their main entities. Instead of saying goodbye, they promptly brought a large number of people over before the merger completed and then cut everyone’s responsibility in half. Even GS is bloated in spots with too many managers.
On the bottom, there are always enough idiots who manage to survive the first few years, but once the knives come out, they are really exposed.
GS also declared that they are moving a number of business people from NY to Singapore (they were not the first to see the value of the fascist corporate state with low taxes). As the UK and the US continue to flounder, expect to see more pushing to move people out to Bombay, Singapore and Shanghai.