50,000 Wall Street Jobs Cut

They said that sanctions against Russia is crippling the country.

Quite the contrary, it is the banksters of the West that are bleeding…

50,000 Wall Street jobs cut

50,000 Wall Street jobs cut
Michael Corbat’s (left) Citigroup has cut 10,000 jobs while Brian Moynihan’s Bank of America has ditched 20,000. Photo: AP

There’s blood on the Street.

In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up.

And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history.

But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before — from lower trading and commodities revenues to currency risks and long-term interest rates that have trended lower.

The fourth quarter saw thousands more workers fired. Total reductions for 2014 were about 20,000 at Brian Moynihan’s Bank of America; 10,000 at Citigroup led by Michael Corbat; and 10,000 at Jaime Dimon’s JP Morgan. Morgan Stanley reports on Tuesday.

Many job losses were already flagged — attributed, for example, to a decline in servicing of delinquent loans as banks cleared troubled mortgages. But analysts also see brutal cost-cutting.

“Look, I think head count in the banking industry is likely to decline,” said CLSA investment group bank analyst Mike Mayo. “And if this environment remains, headcount would get significantly reduced.”

By Mayo’s calculations, bank revenues are the weakest in eight decades, a shocking throwback to the Great Depression.

And the carnage is ongoing as global growth slows and commodity prices and currency movement roil the markets.

“I think there have been heavy potential and paper losses at this point. Clearly, nobody bet properly on oil — nobody thought it was going to be below 50 a barrel,” said Tim Quast, president of market analytics firm ModernIR.

Even mighty Goldman Sachs didn’t escape last week’s destruction. Although the firm reported fourth-quarter earnings a tad better than forecast on Friday, that came from painful expense-shearing as revenues, hurt by a plunge in bond trading, posted a nauseating double-digit decline. Declines in bond activity also rocked JPMorgan, Citigroup and Bank of America.

source »

We can help bring down the Cabal and defeat the Depopulation Agenda

Big Pharma is one of the sources of funds for the Cabal. It also serves as the weapon of mass destruction via vaccine tainted with live virus it is suppose to protect us from, and the deadly chemicals use to treat our diseases that they caused through our GMO / pesticide contaminated food supply.

We can avoid using drugs, defeat any viral attack and scaremongering easily by knowing how to build our own comprehensive antiviral system. Find more about it here.

Health & Medicine - Top Blogs  Philippines

We do appreciate sensible comments...

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.