Effect On Jobs in The Financial Sector
According to Bloomberg, from July 2007 to March 2008 financial institutions laid off more than 34,000 employees. In April, job cut announcements continued with Citigroup announcing an extra 9,000 layoffs for the remainder of 2008, back in January 2008 Citigroup had already slashed 4,200 positions.
Also in April, Merrill Lynch said that it planned to terminate 2,900 jobs by the end of the year. At Bear Stearns there is fear that half of the 14,000 jobs could be eliminated once JPMorgan Chase completes its acquisition. Also that month, Wachovia cut 500 investment banker positions, Washington Mutual cut its payroll by 3,000 workers and the Financial Times reported that RBS may cut up to 7,000 job positions worldwide. According to the Department of Labor, from August 2007 until August 2008 financial institutions have slashed over 65,400 jobs in the United States.
Read more about this topic: Indirect Economic Effects Of The Subprime Mortgage Crisis
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