Posts Tagged ‘banks’
There is no doubt that the Spin Doctors have been successful. They spun the economy into a frenzy that could not be sustained. Others put the spin on the stock market, while speculators put a spin on everyone with high gas and oil prices. Fair and balanced news is so far from the truth it not even funny.
Restoring trust and confidence in any system is a slow methodical process. Restoring confidence in the United States financial system is even more difficult, but not impossible.
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.
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.