LONDON—The credit crunch will cost London 62,000 financial jobs or finance related jobs in 2008 and 2009, wiping out the hiring gains of the past decade, a British economics consultancy group said in a report on Monday.
The number of professionals in London’s financial industry — Europe’s biggest — will drop by 28,000 this year from the 2007 level and a further 34,000 jobs will go next year, said the Centre for Economics and Business Research (CEBR).
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Check out the article on Businessweek.com why Giethener’s bank plan failed to assure inverstors.
In a nutshell,Geithner promised a stringent “stress test” of banks’ balance sheets; more aid to banks through a new Financial Stability Trust; up to $1 trillion for a public-private partnership to buy banks’ bad real estate assets; up to $1 trillion to support student, auto, consumer, small business, and commercial-mortgage lending; and a major effort to lower the rates and monthly payments on home mortgages.
The biggest plus in Geithner’s plan is the sheer size of it. “It’s much better than Bush-Paulson because it’s owning up to the scale of the problem,” says Harvard University economist Kenneth Rogoff, referring to the Troubled Asset Relief Program, or TARP, devised by former President George W. Bush and former Treasury Secretary Henry Paulson.
Government bond prices fell, although they climbed slightly off early session lows as the stock market stumbled amid investor anxiety about the timeline of the stimulus bill.
The benchmark 10-year note edged down 16/32 to 105-31/32 and its yield rose to 3.04% from 2.99% late Friday, February 6.
The 30-year bond fell 23/32 to 113-19/32 and its yield rose to 3.75% from 3.69% Friday. The last time bond ended the day with a yield above 3.70% was Nov. 24. when it finished at 3.78%.
The 2-year note dipped 3/32 to 99-22/32 and its yield rose to 1.05% from 0.99% late Friday.
The yield on the 3-month note rallied to 0.29% from 0.28% Friday. The 3-month is a short-term gauge of confidence in the marketplace, because investors shuffle funds in and out of the bill as they assess risk in other places.
TOKYO (CNN) — Nissan, Japan’s third-largest automaker, announced a series of steps Monday to deal with the economic downturn, including slashing its workforce by 20,000.
The cost-cutting measures makes Nissan (NSANY) the latest among the country’s carmakers to take drastic action in the face of a worsening financial outlook.
The job reductions will bring down Nissan’s head count from 235,000 to 215,000. (Link)
That’s roughly 8% of their workforce. Not a huge percentage but significant nonetheless