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Tens of thousands of bankers laid off in City of London

Jan 29, 2013

This is actually news from October 30, 2012, which was at the start of our Cosmic prayer campaign. However, this article is from January 18, 2013.

http://www.spiegel.de/international/business/investment-banking-faces-massive-layoffs-and-identity-crisis-a-877710.html

For decades, investment bankers have held the key to untold riches -- but now they're being laid off by the tens of thousands. As the crisis forces the industry to search for a new identity, is it ready to mend its ways?....

The crisis has struck at the heart of the financial center. In 2012, banks began to downsize their investment banking activities. For years, the area had been seen as a playground for those seeking instant riches and guaranteed success, and it provided tens of thousands with sometimes exorbitant incomes.

October 30 would become a horrific day for the financial district after the Swiss bank UBS announced that it was slashing 10,000 jobs in the sector. On one morning alone, the bank's London office let hordes of bankers go. Some were intercepted at the entrance, still carrying their coffee in to-go cups, only to be shown the door a short time later with a piece of paper filled with instructions....

The competition is also doing its utmost to downsize. Morgan Stanley plans to lay off 1,600 employees in the coming weeks, Lloyds is cutting as many as 15,000 jobs worldwide, and Deutsche Bank has just eliminated 1,500 jobs in its investment banking division....

What is most remarkable is that this whole problem was supposed to be solved by the middle of 2009. Remember all those promises month after month, year after year? No, this is a much bigger problem than they have acknowledged even today, and it will only be resolved when the battle of East vs. West has a clear-cut winner.

 


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Dr. Stephen Jones


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