April 03, 2008

Say goodbye to the bankers (and their cars, houses, 2nd homes, vacations, etc). 200,000 banking industry layoffs predicted in the next 18 months


Live by the sword, die by the sword.

When they were all busy lending money to people who couldn't pay it back, when they were all busy falsifying documents in order to earn commissions making Liar's Loans, and when they were all busy gaming the system in order to enrich themselves, I hope the bankers were preparing for this day.

Goodbye bankers. And good riddance. Go find some honest work for a change.


Study: 200,000 banking jobs could disappear in 18 months

The U.S. commercial banking industry could cut 200,000 of its about 2 million jobs over the next 12 to 18 months, according to financial research firm Celent LLC.

The entire financial services sector had a record 153,000 job cuts in all of 2007, according to the job placement consultancy Challenger, Gray & Christmas Inc.

Challenger said more than half the job cuts were in the mortgage-lending sector and were concentrated mainly in California and New York.

19 comments:

Ed said...

10% of banking employees let go? Not exactly earth shattering. A higher percentage of IT workers were let go in 2001/2002, especially in California. And somehow the world went on.

These numbers always seem high out of context. WOW! 200,000 people will lose their jobs. Holy shit the end is near. Until you realize 200K people is .05% of the population. Put another way, every week 325,000 people file for new unemployment benefits.

But don't let pesky facts get in the way of a good sensational headline.

Anonymous said...

Their houses will disappear?

Marky Mark said...

WOW - that is about 35% of people fired/cut who work in a sector of our economy in the last 2 years...

Note even the auto sector got that bad...

Marky Mark

Batman said...

The problem is that only the pawns get pink slips.

Russ DoGG said...

This is a good thing- bringing the economy back into a more sustainable distribution of workers accross different industries.

So many banking (or financial sector) employees has distorted the Americn economy long enough. Time to adjust to produce more things of real value and innovation, not funny money for idiot speculators and paper-pusher loan brokers.

AlmostBurned said...

as things become automated, more folks will get laid off. perhaps the congress will let banks use such detailed financial data that computers can make decisions w/o human intervention.

honestly, I have no love for my financial advisor since he sent me a letter to "come in and talk" after the market had gone down 15%. thankfully, I reallocated and avoided that scenario but it was due to my diligence, not his!

and, more generally, I believe that the next generation knows how to get things done via the web and that's a death knock to paper pushers including the 6 percenters.

Anonymous said...

These are not the bankers these are the bank employees - the little guys. It's the writhing worms at the top that need to be torn out of their boardrooms and lynched in the streets.

F'n scum!!!

Anonymous said...

Too bad the criminals already made their billions. The ones hurt will be the lower paid working stiffs.

Anonymous said...


perhaps the congress will let banks use such detailed financial data that computers can make decisions w/o human intervention.


Are you talking about the sophisticated computer financial models that caused this entire mess?

Begin
If FICO >= 620
Then Loan = Approved
End

Keyser Soze said...

ed - right on!
Life will go on.
I think all these scare tactics are nothing but a bunch of jerks simply 'talking their books'. FFS, have you seen Gross and McCulley of Pimco on TV pleading and begging for a bailout of the mortgage mess? The thing that really pisses me off about these pricks is that they always try to convince the great unwashed (us) that they know things that only they can know. My BULLSH*T meter won't stop beeping!

Michael said...

Here in Boston, one of these brokers
is showing her true colors.

http://preview.tinyurl.com/yvub4z

Anonymous said...

Too bad the criminals already made their billions. The ones hurt will be the lower paid working stiffs.

Anonymous said...

It's a good opportunity to get rid of the overpaid baggage like the Copes. The same thing happened in IT a few years back. They fired all the HTML scripters who were making $150K/yr for doing children's work.

pennywise said...

I'm a mid level manager at a credit union, one that did NOT get heavily involved in the RE/ mortgage boom. Business is very good and we're hiring. I've interviewed quite a few REIC type people, and nothing has panned out. Most don't want to work a 40 hour week, and a surprising number of them have no fundamental industry skills. Some of them are making more on unemployment than what we pay! Some have been very blunt- they just want to draw a salary until the next boom comes 'round.

The Reason we're doing well-- all day we're swamped with people calling in asking about how federal share insurance works, and then bringing over their IRAs and CDs from Countrywide Bank, Fremont, et al. No one wants their money in a toxic bank.

Anonymous said...

not enough. when you write, "200,000 lawyers, lobbyists, and central bankers put to violent painful death by angry middle class citizenry!" then i'll show some reaction. and that reaction? why *glee*, of course!

The internet will save them all... said...

Not to worry. They can all go to the internet and sell cheap chinese shit like that ding-a-ling couple with the $10K overhead and no savings cushion and looted 401K.

Try out the newest ponzi scam "Cash Gifting" sure to get a horselaugh down at the big house...

Only in Dead America.

Frank@Scottsdale-Sucks.com said...

I'd love to see this happen to Wall Street. It's full of people who wanted to make an easy buck without doing any real work. They get Wall Street jobs because they want to make six figures to sit at a desk and shuffle paper all day. Pathetic. Like in Pretty Woman when his conscience hits him and he says "we don't build anything."

Anonymous said...

Here in Boston, one of these brokers
is showing her true colors.

http://preview.tinyurl.com/yvub4z


Obama's base.

DOPES said...

BUT, BUT, BUT LAWRENCE YUN SAID REAL ESTATE COULD NEVER CRASH BECAUSE EMPLOYMENT FUNDAMENTALS WERE SO STRONG!!!

DOPES!!!