Monday, 18 January 2021


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Wall Street may have his biggest job cuts in its history

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Wall Street could suffer a labor unprecedented cut according to the well-known analyst Meredith Whitney, its report published in an American Rotary alert warns that there could be about 100,000 layoffs in the financial sector in the next 18 months. "We are about to suffer the largest job cuts on Wall Street has never seen before," said analyst Meredith Whitney, on the basis of a report from the financial center that accessed the journal 'New York Post'. "The U.S. financial sector is facing a new wave of layoffs at major banks struggling against a global downturn and a slow economic recovery, "he added. Whitney believes that financial firms could reduce at least 15% of its workforce in the coming months to survive in an economy unusually slow. Several banks have announced layoffs in recent months, and many of these layoffs affect its operations worldwide. The most critical analysts say it is not a secret that the sector has contracted in recent years since the financial crisis. "To say this is not new, all I suggest is that someone has been sleeping for the past five years," said Richard Bove, an analyst at Rafferty Capital to American newspaper. According to Bove, the wave of layoffs is caused by the decisions of many financial firms to abandon certain sectors. Late last year, employment in the securities investment entities in New York had 169,700 jobs, 1,000 less than in December 2011, according to official data. Data have been collected through the projections and advertisements that made ​​major banks including JP Morgan announced plans to lay off 17,000 people, and Citigroup to cut more than 10,000 jobs. Analyst highlights that in this way entities seek to survive in an unusually slow economy. For the Economist and journalist Pablo García Ines, this is a clear sign that executives are still awarding benefits and put at risk to their own workers. I think the 100,000 layoffs of the banks are another sign that the crisis is paid by workers, in this case, employees of banks, which are fired when their managers are awarded millionaires wages, severance packages, bonuses millionaire.   [caption id="" align="alignnone" width="640"]Wall Street Sign Wall Street Sign. Author: Ramy Majouji -[/caption]
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