Tuesday, August 21, 2007

Financial Sector Job Cutting Begins

From CBS Marketwatch:

Problems in the nation's housing markets have prompted many of the 20,957 job cuts announced by financial institutions since the beginning of the month, according to Challenger, Gray & Christmas.

Moreover, 11,040, or 53%, of those cuts have come since last Friday, the global outplacement consultancy reported on Tuesday.


According to Challenger's data, the financial industry has announced 87,962 cuts so far this year. That's 164% more than had been tallied up through the end of August in 2006, the firm said. Forty-one percent of the cuts this year were related to mortgage and subprime lending markets, the data showed.

This upward sloping line in the financial services job sector won't be around for much longer.