The New York state Comptroller's office is now predicting that as many as 225,000 jobs (many from the securities industry and supporting services) could be lost in the 2-years to October 2009, and that some $6.5bn in securities-industry-related tax revenues will be lost as a result.
Bloomberg reports that BlackRock has started the first-ever round of layoffs in its 20-year history. The firm warned last week that a round of layoffs was on the horizon, and is said to have cut four investment managers and six support staff in New York.
The New York Times reports that several well known bank analysts at places like Bank of America, Citi and Goldman Sachs have been laid-off. Guess that's life these days.
And The Wall Street Journal reports that private equity firm Carlyle Group has closed its central and eastern European operations and axed its Asian leveraged finance team, with the loss of 17 jobs.
Bloomberg reports that Barclays has won stockholder approval in its quest to raise $10.5bn from a group of mainly Mid-East investors who will end up owning over a third of the bank. The news agency also reports that Artemis Asset Management, a $17bn money manager controlled by Fortis, is closing down its Artemis Absolute Return Hedge Fund, even though it was performing relatively well.
Finally, Reuters reports that David Bermingham, one of the so-called 'NatWest Three', is to serve out his remaining jail term in a UK prison facility. Bermingham, 46, was found guilty of Enron-related crimes earlier in the year, and received a 37 month prison sentence.
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