Loss of 200,000 jobs in banking industry possible in next 18 months

[Stuart G]

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

Analysts see 200,000 banking industry layoffs
Losses driven by housing, economy could take place within next 18 months

Here is part of the story..

NEW YORK - 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.

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Think of what that would do to just one industry. What will happen to those people?

[OhioChick]

1. With so many jobs being lost in every sector

what will be left other than McJobs? Very bad times lie ahead for a majority of the population.

[Donnachaidh]

2. they'll cull from the older ones to save on pensions, and the younger

ones, just because they are the *last ones in*. And the banks won't blink about doing that at all. SOP for them. :grr:

[MadMaddie]

3. Hey this is Republican "let the market work itself out" economics

The only problem is they never ever expected the bottom to fall out of their falsely inflated market. Greenspan was right in the middle of this mess.

So they are projecting 200,000 in the banking industry, then you have to add all of the peripheral companies that helped the banking industry; paper companies, beverage companies, maintenance companies and the list goes on.

These people will probably not be able to find jobs paying them what they were getting so they won't be able to make their house payments, car payments, credit card payments etc. Then they lose their health insurance - our hospitals are already stretched to the limit with their emergency rooms.

Lets make sure that we remind every Republican we know that the Republicans started this sinking ship and now they will be able to boast that they sunk the ship. What they didn't expect was to go down with the ship.

[madrchsod]

4. first it was the blue collar that lost millions of jobs

then it was the dot com bust,and now it`s the financial workers...who`s going to be next?

[BlooInBloo]

5. That's why I decided to table my CFA studies 6 months ago and focus on programming.

[Indenturedebtor]

6. Heh my wife is considering a CFA

But there will always be a future there I think. Those jobs aren't 200k investment bankers. Meh we'll see what happens. :shrug:

[SoCalDem]

7. What will happen to them?

They will lose their houses, cars, insurance..

Actually when MORE middle-class white collar people start losing good jobs & health insurance is when the congress gets serious about universal health care..

Until the people who have been getting it from their jobs, suddenly don't have it..we'll keep mending the ripped patchwork quilt of semi-coverage for some and none for the rest..

the perpetually poor or marginally poor have no clout, but when enough "middles" lose jobs, & coverage, there will be a BIG stink raised..

people do not protest to get coverage for people below them on the status ladder, but they do raise a ruckus when THEY are losing something they have