What short memories we reruiters have. I have been in recruitment for most of my adult life, and, let me tell you, it HAS been as bad as this before. In periods in both the 80s and the 90s, financial institutions were simply closing their doors, laying off thousands in one day.
Here's something drawn to our attention by FT Alphaville.
Here's a little something compiled and reproduced with kind permission from Steven Barley.
Here are some comments sent in by recruiters following publication Friday of 'It Could Be Worse - You Could Be In Recruitment'.
Bloomberg reports that Royal Bank of Scotland (RBS) CEO, Sir Fred Goodwin has been ousted, after the UK government has effectively taken control of the bank in exchange for a $34bn lifeline. UK Chancellor Alistair Darling has said that the government will end up owning around 60% of RBS.
Reuters reports that Barclays Capital is said to be planning to cut around 3,000 jobs in its US operations, as it gets to grips with the overlap that has resulted from the firm's acquisition of 10,000 Lehman Brothers staff.
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Here are a few interesting quotes about the market turmoil:
See the image to the right (please press on the magnifying glass to enlarge).
As vulnerable as many bankers feel - concerned for their year-end bonuses and long-term futures - it could be worse. You could be working in recruitment.