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The Jobless Banker

I was looking at the layoff trends in banking over
the weekend, and it’s pretty hairy.

 

2007 set a record number of 153,000 US jobs lost
in finance, three times the average numbers for the years before according to
figures from Challenger Gray, the outplacement firm.

 

If 2007 was a record, 2008 may be worse with the
figures reported already over 110,000 for this year:

 

         
               
2008        2007      
2006       2005

January      
    15,789      
4,030       3,348     11,220

February      
    6,267       5,332      
6,896       3,166

March         
     4,663       7,070      
2,671       3,413

April         
      23,106     33,789      
2,338       3,756

May         
      16,206      
4,804      
7,196       1,817

June         
      19,227       9,800      
7,292         868

July         
       15,517      
2,181       1,939     12,998

August      
       2,182    
35,752      
1,666       2,118

September         8,244
    27,169       1,557   
   2,119

October      
                  
10,515        5,624      
1,763

November      
                
6,953        2,516       3,881

December      
                 5,710
       7,284       3,354

TOTAL         
111,201   153,105      
50,327     50,473

 

From Challenger Gray report, October 2008.

 

And that was before the bailout bomb. With
Lehmans, Merrill Lynch, WaMu, Wachovia and the rest all happening in September,
expect Q4 numbers to add another 50,000 or more to those 2008 numbers.

 

As a result, some young wag in New Yawk posed as a
failed banker begging on the Wall Streets …

 


 

Very amusing-not.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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