"In July, as financial sector layoffs mounted, a top executive search firm estimated as many as 80,000 jobs might go in this coming round of financial layoffs.
“This is kind of like the beginning of a tsunami,” said Richard Stein of Caldwell Partners. “You don’t get it in one go — it comes in sort of short shock waves.”
Well, those shock waves have kept coming — with today’s brutal announcement from HSBC (NYSE:HBC) that by 2013 it will cut an additional 25,000 jobs on top of 5,000 posts already being eliminated.
Financial sector layoffs have reached a fever pitch as bank earnings have rolled out. Just a few of the announcements include:
- In June, Goldman Sachs (NYSE:GS) warned that 230 jobs could be on the chopping block. After poor earnings in July, it upped that number to 1,000 jobs.
- Barclays (NYSE:BCS) announced it will lay off “several hundred” workers soon in addition to the 600 that already were laid off from Barclays Capital earlier in the year.
- UBS (NYSE:UBS) has been rumored to be considering layoffs of up to 5,000 people in July.
- Credit Suisse (NYSE:CS) is planning to axe about 2,000 staffers, mostly in Europe, despite weathering the financial crisis better than euro zone peers"..............READ MORE
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