Posts Tagged ‘bank’
The headline said ”Banks Profit from Unemployed Customer”. Well, duh. That is what banks do, if they can. Banks aren’t selective. They profit from the employed and unemployed alike. Except in this case, the customer is the state. The state has the contract with the credit card company in order to use their services to distribute unemployment benefits.
What happens when the country falls deeper and deeper into recession and some executives just don’t get it? As job losses continue to mount and executive bonuses come under fire John Thain seems to think he is above the fray.
Whether you think it is good strategy or a huge hole in security, banks are cutting IT workers. Among the gruesome numbers to come out of the financial crisis are the ones hitting corporate IT, especially at major banks. In a recent round of cuts, 650 IT jobs will go at Credit Suisse, 500 at HSBC and up to 1,800 at Barclays. Many are also slashing their spending with contractors. Goldman Sachs and Citigroup, for example, have demanded that contractors accept a 15% cut in daily rates, while HBOS and Barclays made take-it-or-leave-it offers of 10% reductions.
At the World Economic Forum in Davos, China and Russia placed the blame for the global economic crisis on the United States. Most Americans would agree, and so do many other world leaders.