Has anyone else heard that the banksters themselves may be loosing jobs. Does anyone

[applegrove]

know if this is outsourcing or downsizing because of consolidation of the industry? It is just retribution either way but somehow I doubt the bankers with the bonuses are the ones who will be let go.

[Demoiselle]

1. Yes, but it's the underlings. Sad, too.

[Cal33]

15. Correct. It's the sick top-dogs, the ones who caused the recession in our country, who determine

who should be let go, for the crimes that the top-dogs, themselves, have committed.
It's ironic, but the sick top-dogs are staying -- until some better system is
adopted. The top-dogs are well set for life, no matter what happens. They know
how to take care of themselves at everyone else's expense. Their mentality is:
Dog eat dog!

[badtoworse]

2. Probably a little consolidation and a little downsizing

Deal flow is down so there isn't the need for as many people. Justabout everyone gets a bonus, as far as I know. The only question is how big. A mid-level person might have a target bonus of 50 percent.

[abelenkpe]

3. There have been several articles about banks laying off thousands

coming up. Also see:

http://www.leap2020.eu/GEAB-N-58-is-available-Global-systemic-crisis-First-half-of-2012-Decimation-of-the-Western-banks_a7904.html

(These guys are very doomy tho...)

[1monster]

4. I was talking today with a Bank of America employee who works for a

division of BOA. He said that in the past, there was an opportunity for any BOA employee in his division to work forty hours overtime a month if they so wished. That opportunity has been removed and he doesn't see them offering that again ever.

Also, wasn't it announced a month or so ago that BOA was going to do away with 30 to 40,000 jobs?

[WillowTree]

5. I'm never happy to hear about people losing their jobs.

[applegrove]

6. No but for such a long time people in the banking industry have been

unapologetic about what they did to the economy in 2008. The big bosses didn't even apologize to congress when they were before it. They were all about 'the laws of the jungle' and 'weren't people responsible for getting a mortgage too big for their incomes'. It was all Franny Mae and Freddie Mack's fault. And now they face the laws of the jungle. And perhaps a few tens of thousands of them will realize that life and jobs are precious. And the only way to be is all in it together. And maybe, just maybe, for the first time, they will feel something for the people who have lost their jobs in the last three years.

[dkf]

7. The bonfire of the bankers has only just begun

According to Tillman, between 30 and 40 per cent of all bankers could be axed over the next 18 to 24 months; most of them from the City and Wall Street.

We know the cut-backs are going to be bad, but Tillman's prognosis is by far the worst I've heard from an insider. "The Masters of the Universe are facing a really tough time," she says. "The shake-out is only just beginning after the crash. There is a big consolidation still to come, which means there will be far fewer banks; a 40 per cent cut in jobs will be the 'new normal'. This is because of the tougher regulatory environment."

She adds that banks are already withdrawing from many activities because of the fall in deal flow as the cost of capital goes up. At the same time, access to capital is getting harder. "There will be takeovers and down-sizing as firms look to move into areas where they can make money. It's ... back to basics; plain vanilla, because the red-clawed banking of the bull market isn't there any more. You can see it already – commercial banks are going to go back to old-fashioned lending."

http://www.independent.co.uk/news/business/analysis-and-features/the-bonfire-of-the-bankers-has-only-just-begun-2371191.html

[Selatius]

8. Most of the people losing jobs in banking are staffers and low level managers.

They're always the first to go in lay-offs. The CEOs and hedge fund managers are the absolute last to leave, and even if they do leave, they typically get massively huge severance packages, so they can retire rich on-the-fly anyway or pick up another job at another company.

[supernova]

9. Gossip here says BoA and 2 others belly up by xmas

Ihttp://www.godlikeproductions.com/forum1/message1642801/pg1

This post is from the later part of September. Money quote:

I know a Bank of America attorney and he said that they will be going under by Christmas 2011. Bank of America has no money and Buffet's billions was just a cracker to get them by until the other two mega banks can file for bankruptcy as well.

I have no idea of it's legit or not. I was looking tonight to see if there are any disgruntled BoA employees posting and I found that.

[Yupster]

10. If BOA goes bankrupt

we're right back into the death spiral of 2008.

They'll take every other large bank and insurance company with them and every teacher and union pension fund too.

Every one of those owns multiple billions of BOA corporate bonds.

[Hestia]

11. If true, then the guillotines really will come out - patty cake time is over

[dd2003]

12. Some Ibankers are

And all Ibankers get a bonus....However, your anger should not be at all bankers as some just do analysis and structure deals...Your true anger is at the heads of the company and other top level employees who can influence policies. Analysts and Associates get paid well but also work 90-110 hours a week.

[Canuckistanian]

13. Even IF executives lose their jobs

They'll go with a golden parachute that will keep their family rich for several generations.

And the cycle will start again with the spawn.

[bhikkhu]

14. Here's a neat graphic showing the shrinkage of the banking sector:

It shows 2007-2009, and current numbers would make things a little worse for most of the banks. I haven't looked as to how that has affected jobs though.

[HughBeaumont]

16. "Downsizing is only for non-managers" - Dilbert.

It's usually never the bigwig economy-screwers that get dropped. Only their underlings.