Chastened banks cuts tens of thousands of jobs
Source: AP-Excite
By CHRISTINA REXRODE
NEW YORK (AP) - Banks aren't the big jobs machines they used to be.
One after another, major financial firms are trimming their payrolls. In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley (MS) revealed that they have slashed more than 31,000 jobs, or 3.5 percent of their combined workforce, in the past year. For three of those banks, it was the second straight year of cutbacks. And the pattern is being repeated at banks around the world.
Layoffs in the depths of the financial crisis were to be expected. But four years later, and at a time when many banks are reporting higher or even record earnings, the cuts are unsettling to an entire industry.
The losses are an unwelcome reminder of the meltdown and its lingering effects. A slow, halting recovery has kept loan demand in check. Low interest rates are crimping profits from lending. New regulations have extinguished old sources of revenue, and compliance is expensive. The cuts also reflect advances in technology that have made bank tellers more expendable.
FULL story at link.
Read more: http://apnews.excite.com/article/20130425/DA5SNI7O0.html
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... so us average schmucks who's tax dollars bailed them out, get less and less for being a loyal customer.
Meanwhile, if you're "very well off", you can get a 'personal banker' here in Indy - literally a human being employed by the bank to watch your accounts, maximize your money and kiss your ass while the rest of us pay $35 for an overdraft with no grace period, and $4.00 to use an ATM.
