Financial-Sector Job Cuts Announced: 200,000
By Simeon Hyman
More than 200,000 job cuts were announced in the global financial-services industry last year and many of those will take place this year and next. Among those chopping heads: Bank of America is cutting 34,075 employees; HSBC Holdings plans to reduce staff by 33,295; and ING Group expects to eliminate 19,000 positions. Other layoffs are in the works at Citigroup and Northern Trust, which plan about 4,500 layoffs each. That dismal news mirrors dismal fourth-quarter earnings -- thus far one-third of all financial companies have reported numbers and they are down 26 percent from the prior quarter. That's much worse than analyst expectations of a 9 percent decline.
Comment: What the Greenspan illusion has given the Bernanke reality takes away.