h******t
发帖数: 872 | 1 http://money.cnn.com/2012/08/15/investing/wall-street-layoffs/i
Wall Street is preparing for another round of layoffs.
NEW YORK (CNNMoney) -- Big banks are unlikely to be broken up -- but they
will keep getting smaller by getting rid of a large numbers of workers.
Wall Street financial firms cut more than 75,000 people in 2011, and their
employees are bracing for another round of layoffs. Analysts estimate that
Wall Street banks will have roughly 10% to 15% fewer employees in early 2013
than they did at the start of 2012.
"Firms believe that their costs are way too high," said Alan Johnson, CEO of
compensation consulting firm Johnson Associates. "I tell my clients we're
not in a recovery. We're in a struggle."
With interest rates near all-time lows and growth slowing in the global
economy, banks are having trouble finding new sources of revenue. That means
the banks will probably once again look to pink slips to preserve their
profits.
"The problem is that as fast as these banks cut jobs, the revenue goes down
even further," said Christopher Wheeler, a bank analyst at the research firm
Mediobanco.
A week of Wall Street layoffs
Wheeler said that an executive at Goldman Sachs (GS, Fortune 500) told him
that the bank had thought it slashed compensation expenses appropriately in
the first quarter of this year. However, once the drop in second quarter
revenues became apparent, Goldman Sachs was also forced to rethink its
staffing levels.
A spokesperson for the bank declined to comment on potential layoffs. But
Goldman has already cut back on its staff in the past year and a half. The
firm's headcount of 32,300 employees at the end of June was down roughly 10%
from the end of 2010.
More layoffs are likely looming at nearly every major bank.
"Every firm is in the middle of rightsizing themselves," said Michael Karp,
head of the financial services practice at Options Group, a recruiting and
strategy firm. "They see their business isn't profitable already, and the
future doesn't look so bright."
European banks have been particularly aggressive with layoffs. In July,
Deutsche Bank (DB) said it plan to reduce expenses by $3 billion and will
cut 1900 people from its staff of nearly 32,000.
Both UBS (UBS) and Credit Suisse (CS) announced 3500 job cuts late last year
. That may just be the beginning.
On Credit Suisse's second quarter conference call, the bank's executives
said they plan to cut another $1 billion in cost cuts. Much of that savings
is expected to come from further staff reductions. A Credit Suisse
spokesperson declined to comment further. about the possibility of more
layoffs.
Bank of America is in the middle of 30,000 jobs cuts that it announced last
September. A spokesperson for Bank of America (BAC, Fortune 500) declined to
say how many of those cuts had already been made or whether the bank would
announce more.
Citigroup (C, Fortune 500) said last December that it would lay off 5,000
workers. In response to recent reports that Citigroup planned to cut 350
more employees from its investment banking division, a Citi spokesperson
said the bank is continuing to "make targeted headcount reductions in
certain businesses as part of our ongoing efforts to control expenses in
light of current market conditions."
Wall Street's shrinking job pool
Morgan Stanley (MS, Fortune 500) is in the middle of cutting roughly 4,000
jobs, or 7% of its staff. Those plans were disclosed late last year,. A
Morgan Stanley spokesperson said the bank has not announced any additional
cuts.
JPMorgan Chase (JPM, Fortune 500) is the rare firm that's actually added to
its headcount in the past few years. As of the end of 2012, it had roughly
260,000 employees. That's up from 195,000 at the end of 2008. The growth is
largely from acquisitions though.
JPMorgan acquired investment bank Bear Stearns and failed savings and loan
Washington Mutual in 2008. A JPMorgan spokesperson declined to comment on
whether it was now considering layoffs in the wake of its second-quarter
trading loss.
Some big banks have started quietly informing high level staffers that they
won't have jobs by year end, according to several sources with knowledge of
the banks' activities.
"Every third person I know on the Street has either been informed that they'
ll be cut or is worried about losing their job this year," said Josh Siegel,
a former bond trader and now a managing partner at the investment firm
StoneCastle Partners. "Everyone I know on the Street is watching their
division get squeezed."
The continued downsizing of Wall Street is an acknowledgment that record
earnings are unlikely to return for the foreseeable future.
Analysts at research firm SNL Financial noted in a recent report that a key
source of profits in the second quarter of 2012 came from releasing reserves
that had been kept to protect against losses from troubled loans. SNL's
analysts said the banks won't be able to do that for much longer.
Bond trading divisions are expected to be one of the biggest targets for job
cuts. And despite Wall Street's increasing reliance on technology, banks
may reduce staff levels in their IT departments too.
Still, cuts will not be confined to any division, geography or pay grade.
"Banks are really looking desk by desk at this point," said Johnson. | s*********e
发帖数: 4475 | 2 金融，制药行业都裁个不停，是不是说明新泽西的房地产还能再跌几年。
2013
of
【在 h******t 的大作中提到】
: http://money.cnn.com/2012/08/15/investing/wall-street-layoffs/i
: Wall Street is preparing for another round of layoffs.
: NEW YORK (CNNMoney) -- Big banks are unlikely to be broken up -- but they
: will keep getting smaller by getting rid of a large numbers of workers.
: Wall Street financial firms cut more than 75,000 people in 2011, and their
: employees are bracing for another round of layoffs. Analysts estimate that
: Wall Street banks will have roughly 10% to 15% fewer employees in early 2013
: than they did at the start of 2012.
: "Firms believe that their costs are way too high," said Alan Johnson, CEO of
: compensation consulting firm Johnson Associates. "I tell my clients we're
| d*****e
发帖数: 7368 | | s*********e
发帖数: 4475 | 4 大家再算算，还有什么行业或者职业是几十年旱涝保收的？
医生？工程师？
【在 d*****e 的大作中提到】
: 裁吧裁吧，裁完了就消停了。
| d*****e
发帖数: 7368 | 5 老美早研究过了，扫雪／剪草的， 地永远都在。
【在 s*********e 的大作中提到】
: 大家再算算，还有什么行业或者职业是几十年旱涝保收的？
: 医生？工程师？
| n*********e
发帖数: 25274 | 6 全球变暖,雪没了,不需要铲雪的...
全球变冷,草不长了,不需要剪草的...再说,失业的如果不卖房,这些事都要开始DIY了...
可能会计专业还是比较稳定,出于保密因素,这种职业外包比较困难...还有上门服务的
护士,随着全社会老龄化开始...
【在 d*****e 的大作中提到】
: 老美早研究过了，扫雪／剪草的， 地永远都在。
| s*********e
发帖数: 4475 | 7 老墨大军早把这市场横扫千军了。
倒是那些有点技术的活， plumber之类的， 还不错。
每小时收的钱比我的咨询费还高。
【在 d*****e 的大作中提到】
: 老美早研究过了，扫雪／剪草的， 地永远都在。
| i**z
发帖数: 1592 | 8 航空吧，勉强还凑合，不过赶以前也差很多了
【在 s*********e 的大作中提到】
: 大家再算算，还有什么行业或者职业是几十年旱涝保收的？
: 医生？工程师？
|
|
