Analysts see 200,000 banking industry layoffs

[RamboLiberal]

Source: MSNBC/AP

The U.S. financial industry has been shedding jobs at a record clip, and some analysts predict the pace will only accelerate over the next year-and-a-half as banks cut costs in the face of the housing market slump and the weak economy.

Analysts at the financial research firm Celent LLC said in a report Tuesday that it expects the U.S. commercial banking industry — essentially, all companies that lend or collect deposits — to lose 200,000 of its 2 million jobs over the next 12 to 18 months.

An annual loss of 200,000 jobs at the nation's commercial banks would be an unprecedented number.

In 2007, the entire financial services sector — which consists of mostly commercial banks — announced job cuts that totaled a record 153,000, according to the job placement consultancy Challenger, Gray & Christmas, Inc. More than half of those cuts were in the mortgage-lending business, and occurred all over the country, particularly in New York and California.



Read more: http://www.msnbc.msn.com/id/23904759/

[bilgewaterbill]

1. Welcome to McDonald's. We'll give you exact change.

[Larkspur]

3. I read a few months ago that McDonalds is looking to outsource order takers

Don't know if it is still going on, but they had a Beta test site in California where you the customer drive up to the McDonalds store and give your order at the drive thru. What you don't know is that someone about 100 miles from your McDonalds is taking your order and transmitting it back to the McDonalds for the staff their to fill. The goal is to eventually have India take the orders and via computers transmit them back to the originating McDonads store.

Simply amazing that a simple job such as order taker can be outsourced, or investigated into whether or not it should be outsourced.

[OhioChick]

4. You are correct.

Outsourcing the drive-through

http://arstechnica.com/news.ars/post/20060411-6574.html

[barb162]

5. Whenever I have a radiology test I always ask where it's read

here or India. I swear they're oputsourcing everything...pretty soon almost no one will be working in this country. The whole country will be like Ohio. People have to start getting angry about this and voting out candidates who are fucking American workers.

[OhioChick]

6. "The whole country will be like Ohio."

*Sniff*

[Skittles]

15. AW

no reflection on the fine people of Ohio, girl. :hi:

[OhioChick]

16. I know...

I was only teasing Barb for her comment. lol :hi:

[Aviation Pro]

10. I believe the phrase you should use....

....is 'fucking over' rather than just the stand alone gerund modifier 'fucking.'

[raccoon]

21. True, because I don't think anyone is enjoying it. nt

[Aviation Pro]

9. I'm currently working with Indians....

....trust me on this, they are more expensive in the long run than advertised and jobs are starting to trickle back as a result.

[defendandprotect]

13. Actually, I think we should all refuse to cooperate with the recorded voices . . .

unless it is a program which actually benefits us ---

Keep saying you don't understand and keep asking for a human being ---!!

Same with the new check-out counters --- you check yourself out?

Doesn't it occur to A&P customers using them that it knocks out a real job for a human being?

Same with bagging --- don't bag your own grocers --- !!!

[eridani]

24. Usually, if you just wait long enough they transfer you to a real person

Try it!

[skooooo]

18. What makes them "more expensive?" nt

[Aviation Pro]

20. Sending work back three times at $20/hour versus....

...having it done right the first time by an American worker at $30/hour.

[bemildred]

2. "Would you like to supersize that order?"

They ought to fit right in to their new jobs.

[fed-up]

7. how recently were those jobs created? nt

[Zynx]

8. There were a lot created between 2003 and 2007.

I don't know exactly how many, but it was a good chunk of our overall job growth.

[fed-up]

11. just in time for the subCRIME loans-More than half of those cuts were ..mortgage-lending business nt

[Purveyor]

12. As one who has watched the manufacturing base shed 100's of thousands of jobs while these 'banker

types' smuggly proclaimed the US didn't 'need nor want these type of jobs anymore', I can only nervously {{{chuckle}}}...

Many of us said we goes around, could very well come around and it is so, it seems.

Godspeed to all...

[NashVegas]

19. How Many Jobs Were Eliminated for Cost-Cutting in the '80s, '90s?

I once was laid off from a $16k per year job because my company was going into "acquisition mode" and needed to show the banks they could cut costs and run lean.

Soon the only paying jobs left will be for the company officers who meet once a week and, twice a year, strategize on how many people they can jettison.

And we keep enabling them, 'cause we see the short-term necessity of being employed when we're over our heads in debt.

[Bozita]

14. So, I'm guessing that NYC Wall Street haunts no longer need to stock wines priced over $500/bottle.

Just a guess, of course.

Something sticks in my memory. Something about BILLIONS in holiday bonuses for the Wall Streeters.

Bon appetit!

[tanyev]

17. Which again begs the question of WHY are they building so many new banks in my area?

Every new building going up on the corner has been a bank for the last few years and there are still new ones going up right now. Gas stations have disappeared and banks have gone up in their place. WHO is using these banks? The only time I ever go near a bank is when I use the ATM at my supermarket bank for some cash.

[TEXASYANKEE]

23. Who?

Illegal immigrants sending money back to Mexico, that's who. Banks are making billions in fees from these illegal aliens.

[tanyev]

26. Lots of people who are here legally send money home, too,

but about the only minority group in my part of town are Asians. And they have their own banks. Still wouldn't explain the need for so many bank branches.

[Acadia Blue]

22. Middle managment? Worker Bees? or the high ups?

[BreweryYardRat]

25. For what it's worth, my old man's a banker.

He despises a lot of the policies competing banks (he works for a relatively small-scale bank) use and loathes outsourcing.

They aren't all bad guys.

Still, I think I'll tell him to work on getting the house paid off early.