Thousands will lose their jobs in the global financial sector as many companies have witnessed the fastest drop in business levels, profitability and confidence in almost two decades.
Initial estimates say that the unprecedented crisis in the global financial services industry will lead to more than 250,000 jobs being lost globally.
And economists say that this figure is 'very conservative.' The eventual number of jobs that will actually be lost could be much higher, they say.
The fiscal hurricane that originated in the United States has soon spread panic and gloom across the world markets. European companies have already announced layoffs, while some Asian companies too have done the same.
Many firms in the banking, financial services, insurance, automobile, airline, etc sectors that were earlier planning to hire more have put their plans on hold. Most of these companies have actually begun to downsize their staff. So check out where the axe is falling. . .
Initial estimates say that the unprecedented crisis in the global financial services industry will lead to more than 250,000 jobs being lost globally.
And economists say that this figure is 'very conservative.' The eventual number of jobs that will actually be lost could be much higher, they say.
The fiscal hurricane that originated in the United States has soon spread panic and gloom across the world markets. European companies have already announced layoffs, while some Asian companies too have done the same.
Many firms in the banking, financial services, insurance, automobile, airline, etc sectors that were earlier planning to hire more have put their plans on hold. Most of these companies have actually begun to downsize their staff. So check out where the axe is falling. . .
Kingfisher to cut 300 jobs, Lehman 2,500
Most of the 2,500-odd employees working for investment banking giant Lehman Brothers in India stand to lose their jobs.
With the financial crisis spreading and oil prices rising, the airline industry too is under heavy pressure. Just a fortnight after it launched international operations and integrated low-cost carrier Simplify Deccan with it, Vijay Mallya-promoted Kingfisher Airlines has laid off at least 300 employees.
The move closely follows a recent announcement by value carrier, JetLite, fully-owned subsidiary of Naresh Goyal-promoted Jet Airways that it was downsizing by at least 750 employees.
It is also believed that of the 300 employees, only five per cent are from Kingfisher Airlines, and the rest from the erstwhile Simplify Deccan.
Most of the 2,500-odd employees working for investment banking giant Lehman Brothers in India stand to lose their jobs.
With the financial crisis spreading and oil prices rising, the airline industry too is under heavy pressure. Just a fortnight after it launched international operations and integrated low-cost carrier Simplify Deccan with it, Vijay Mallya-promoted Kingfisher Airlines has laid off at least 300 employees.
The move closely follows a recent announcement by value carrier, JetLite, fully-owned subsidiary of Naresh Goyal-promoted Jet Airways that it was downsizing by at least 750 employees.
It is also believed that of the 300 employees, only five per cent are from Kingfisher Airlines, and the rest from the erstwhile Simplify Deccan.
1 comment:
Scary stats. For those looking for jobs, there are still lots of jobs posted on several employment sites.
www.linkedin.com (professional networking)
www.indeed.com (aggregated listings)
www.realmatch.com (matches you to jobs)
Good luck!
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