Job Market Monitor
Financial Services
India | SKS to cut 1,200 jobs
SKS Microfinance Ltd(SKSM.NS), the only listed microfinance company in India, said on Thursday it planned to reduce its headcount by a third and shut some branches in Andhra Pradesh state amid mounting losses. SKS’ business in Andhra Pradesh, which was a microfinance hub earlier, has been hit after the state government imposed a set of … Continue reading
StanChart confident to add 2,000 jobs
Standard Chartered said it expected to grow income at least 10 percent this year and to add about 2,000 staff as it picks up the pace of investment later in the year. “We are still guiding to increasing headcount by about 2,000 by the end for the year,” said Richard Meddings, finance director of the Asia-focused bank, … Continue reading
At The Root Of the Global Job Gap | Finance and economic growth delinked
The neglect of credit and debt in economic theory continues to produce muddled policy thinking. Take the tendency to protect banks lock, stock and barrel, at huge costs. The mantra is that if we let banks go bankrupt, that will ruin the economy. This is a nifty inversion of the truth: it is precisely the … Continue reading
UPDATE – Wall Street cuts jobs | 459,400 jobs in four years
U.S. financial sector loses 459,400 jobs in four years – The Business Journals The recession may officially be over, but its effects are lingering in the financial sector. The nation’s 100 biggest metropolitan areas lost a collective total of 459,400 financial-activities jobs during the past four years, according to an On Numbers analysis. The U.S. … Continue reading
HSBC | 2,000 UK layoffs
Banking giant HSBC is this week expected to announce some 2,000 UK job cuts as part of a restructuring of its global business. The axe is expected to fall on nearly 4% of the bank’s 52,000-strong UK workforce in a drive to slash costs and help the business react to the tougher climate in the … Continue reading
Australia | Finance Industry Has Lost 3k Jobs in the first 4 months of 2012
A shocking 3000 jobs have been lost in Australia’s finance industry in the first four months of the year according to the National Secretary of the Financial Services Union. Though the majority of these jobs were lost in the first six weeks of the year, with the announcement from the Australia & New Zealand Banking … Continue reading
India | Dhanlaxmi Bank | To cut more jobs
More pain of job loss awaits employees of Dhanlaxmi Bank. As the Kerala-based private bank moves ahead with business consolidation and rationalisation, more heads are expected to roll. Already, the staff strength of the Thrissur-headquartered bank has come down to a little over 4,200 from 4,600 in November last year, as more than 300 employees … Continue reading
Finland | Tieto | After 1300 job cuts
Despite 1300 job cuts globally, Finland’s IT major Tieto Corporation is planning to restructure the business and may exit some unprofitable markets. Tieto will downsize 1,300 jobs including about 500 in Finland and 300 in Sweden. The company is planning to save over 50 million euros in annual costs by cutting these jobs. Speaking to … Continue reading
Royal Bank of Scotland | Cuts 215 U.K. Jobs
Bloomberg: Royal Bank of Scotland Group Plc, Britain’s largest government-controlled lender, said it was cutting 215 U.K. jobs and moving the posts overseas. The cuts will fall on support staff at the bank’s finance division, mainly in Edinburgh and London, a spokesman said. The reductions are in addition to the 6,800 job losses announced since … Continue reading
German Banks See Job Cuts Amid Pessimistic Outlook, Survey Shows – Businessweek
Almost 25 percent of German banks plan to cut jobs in the next sixth months as they remain more pessimistic about the financial industry’s outlook than many of their European peers, Ernst & Young reported, citing a survey. Only 12 percent of German lenders said they expect an increase in employment and 65 percent expect … Continue reading
PNC lowers plan for layoffs by 100 – NewsObserver.com
PNC Financial Services Group, which is on the verge of completing its acquisition of RBC Bank, has found new jobs for nearly 100 workers in Raleigh and Rocky Mount whose current positions are being eliminated. The bank is still working on finding new jobs for others who are facing layoffs, PNC spokesman Fred Solomon said … Continue reading
Bank of Montreal cuts 60 capital markets jobs
Bank of Montreal has cut 60 jobs at its capital markets division, and Canada’s No. 4 bank said staff reductions are due to concerns about productivity in the current capital markets environment. “The reductions are part of our focus on productivity and we would expect to continue to be hiring over the course of the … Continue reading
As Leumi cuts 800 jobs, bank chiefs plan gala in London – Haaretz Daily Newspaper | Israel News
As Bank Leumi gears up to ax 800 jobs, its management is preparing to fly to London to celebrate the bank’s 110th birthday next Monday. The bash will take place in the old London city hall building, which was erected in 1411 and today serves as a banquet hall. The date for the event was … Continue reading
The Intractable Tragedy of Long-Term Unemployment – Derek Thompson – Business – The Atlantic
The vast majority of the 5.5 million long-term unemployed have been out of work for more than a year. For this installment of “Working it Out,” we asked you if the government should enact special programs to help the long-term unemployed. We’ve received more than 100 responses. Here are some of the smartest, most heartfelt, … Continue reading
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