Ouch! This is not a good sign. So why is oil up?
30,000 HSBC layoffs only the beginning
The financial sector has seen lots of job cuts, and Wall Street should brace for more -- perhaps 80,000 by year's end.
In July, as financial-sector layoffs mounted, a top executive search firm estimated as many as 80,000 jobs might go in this coming round of financial layoffs.
"This is kind of like the beginning of a tsunami," said Richard Stein of Caldwell Partners. "You don't get it in one go -- it comes in sort of short shock waves."
Well, those shock waves have kept coming, with Monday's brutal announcement from HSBC (HBC) in London that by 2013 it will cut an additional 25,000 jobs on top of 5,000 posts already being eliminated. But if recent news is any indication, the layoffs are far from over.
Financial-sector layoffs have reached a fever pitch as bank earnings have rolled out. Just a few of the announcements include:
- Barclays (BCS), another top England bank, announced it will lay off several hundred workers soon in addition to 600 earlier in the year.
- Switzerland's UBS (UBS) has been rumored to be considering layoffs of up to 5,000 people in July.
- Credit Suisse (CS), another Swiss bank, plans to ax about 2,000 staffers, mostly in Europe, despite weathering the financial crisis better than eurozone peers.
That's a staggering total, and it doesn't include layoffs we haven't had confirmed or had leaked to the press yet. And if you haven't noticed, most of those big banks are abroad.
- Related: 7 mega-banks going bust
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