Celent: 200,000 US Banking Jobs at Risk

Yahoo News ^ | Tuesday April 1 | Madlen Read, AP Business Writer

[raybbr]

So. The jobs that Americans were supposed to get fat on are starting to go too.

[Non-Sequitur]

The jobs that Americans were supposed to get fat on are starting to go too.

It's been happening for some time.

[the invisib1e hand]

So. The jobs that Americans were supposed to get fat on are starting to go too.

yeah. damm immigrants.

we're DOOMED and it's ALL GEORGE W BUSH'S FAULT.

[Brilliant]

We’ve got too many bankers. Now the manufacturing industry is back because of the declining dollar. We’ll see if those jobs are any better.

[Migraine]

So maybe Mexicans will now be doing more “bank jobs”?

[raybbr]

we're DOOMED and it's ALL GEORGE W BUSH'S FAULT.

Glad to see that you are finally getting it.

[the invisib1e hand]

Glad to see that you are finally getting it.

...repeat it often enough and even a blockhead like me will eventually.

NOT!

[raybbr]

[raybbr]

ping

[proxy_user]

I would not believe a word of this.

The bulk of banking jobs are in operations areas that are already highly automated. How can they cut and still process checks and produce credit card statements?

As for the business front end, where reps meet with customers and do business, I don’t see much of a decline there either. The same business will still be there, even if the economy shrinks slightly.

[poobear]

The good news is every time you turn on your radio or TV or check your mail there won't be wall to wall advertisements to refinancing your home.

One can only hope...

[Slapshot68]

“How can they cut and still process checks and produce credit card statements?”

I found out that a lot of that operation has been outsourced to other companies. It’s so nice when you haven’t gotten your statement to call the bank and have the response be, “We don’t know where it is, another company processes those for us.”

[Nathan Zachary]

"So. The jobs that Americans were supposed to get fat on are starting to go too."

Why, is MacDonalds laying off?

As far as bank tellers or telephone banking workers go, That isn't exactly a high paying job either.

I wouldn't bet on there being much of a "housing slump" either, aside from some hot spots like California where people got greedy, (which seems to be the only housing market that exists if you take media's and Chicken Little's word on it) is doing just fine.

[bamahead]

It's been happening for some time

we started outsourcing development to India 4 years ago. The trend is ramping up to other areas such as back office ops, and now some of our call center operations are now outsourcing to Juarez, Mexico.

This mess will only accelerate that. What's crappy about it is the jobs of the idiots in the mortgage dept. who created the mess are probably safe.

[Red in Blue PA]

Re: As far as bank tellers or telephone banking workers go, That isn’t exactly a high paying job either.

Simply because the jobs are “high paying” does not mean they create value. How many WS analysts make 7 figure incomes and yet are more often wrong than right? Sometimes, embarrasingly so.

[Nathan Zachary]

"we're DOOMED and it's ALL GEORGE W BUSH'S FAULT. Glad to see that you are finally getting it."

Why are we doomed, and even if we were, why is it Bushes fault people are stupid and buy things they can't afford?

[bamahead]

So maybe Mexicans will now be doing more "bank jobs"?

See post # 14

[wolfcreek]

That is exactly what happened. Lenders saw a chance to abuse the Free market system and make big bucks off these *suspect* loans with their huge interest rates. They were betting on the continued rise in housing prices allowing, people to borrow from their equity.

Now it's coming back to bite them in the ass.

Trouble is, they had to realize this would end badly. This makes me suspect something more *devious* is in the works.

[raybbr]

Why are we doomed, and even if we were, why is it Bushes fault people are stupid and buy things they can't afford?

Ummm.... Let's see. This admin pushed for people to buy homes. At every turn. Just so he could claim his legacy of "home ownership".

He opened the borders (de facto) and let millions of uneducated illegals in hoping they would buy homes and NOT SAYING A WORD when it was found out that these companies were giving mortgages to those illegals.

This admin has done all it could to prop up (tightening bankruptcy rules for individuals while leaving business bankruptcies alone) a banking system that WE all knew was acting irresponsibly if not fraudulently.

Really, though, I am not saying it's all Bush's fault but he certainly is not faultless.

[Broker]

New York is no longer the banking capital of the world.. The jobs have gone to London town and beyond. Blame them?

The US and NYC business environment is evermore hostile. Why put up with extortionists like Elliot Spitzer and Jesse Jackson? Who needs the punishing taxes of NY, NYC, NJ and CT? What future is there in a country where the Federal Government is poised to Nationalize your business??

The US economy has lost its’ fat, muscle and now bones. The carcass is bare. Bankers with their money will move on. As will oil companys and others who recognize greater value in off-shore opportunities. Pity