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Bankers Booted To The Streets?

Last week we put up a post on HSBC’s plan to ax 30,000 employees this year. Now we hear that it’s not just HSBC: the fifty largest banks in the world are poised to cut almost 101,000 jobs between them, according to Bloomberg. These are the biggest cuts since the recession struck in 2008.

The smartest of these firms are expanding in markets like China and Brazil, where they are hiring locally and exchanging bloated and lazy fat cats and entitled and expensive Ivy League grads for savvy locals. Watch out for jobless bankers on Wall Street; it happened to the steelworkers and it is happening to you.

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  • Charles R. Williams

    So why have they waited so long to make these cuts?

  • Steve

    I think you are substantially overstating the case – if you look at the figures actual article, the American losses are in total only a couple of thousand and overshadowed by cuts in Europe, and most of the big HSBC cuts are in their Latin American subidiaries. (HSBC has a very minor presence in the US)

    While the loss of skilled jobs overseas is an issue, this isn’t strong evidence of it.

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