On Fat Cats And Cuts
ON the Anorak Forums: Financial services companies have reacted to the credit crunch by embarking on the biggest set of job cuts since the worst depths of the bear market, but most redundancies will be restricted to the City, according to analysis of the sector published today.
A survey of the sector by the Confederation of British Industry and accountant Pricewaterhouse Coopers found that 47 per cent of companies had seen business volumes fall sharply against only 17 per cent which had seen them rise. A similar rate of decline is expected in the next three months, and companies which are finding it increasingly difficult to access finance fear things are going to get worse.
Doesn’t your heart bleed for them? No more £150,000 to £500,000 annual bonus for shafting the customers? I sincerely hope they are offered jobs as Tony Blair’s special advisers at one of the two or three banking/finance sinecures he has picked up since leaving office as UK Premier. He deserves to have a strong team of financial wizards around him.
Or, perhaps the City Institutions which have a appointed him may now appreciate he is also not quite as valuable a Board Asset as they once thought? Fat Chance.
– AGW
Posted: 1st, April 2008 | In: Money Comments (3) | TrackBack | Permalink
