Worst may not be over yet for lending industry as job losses on way to breaking mark set in 2001.
If the banking industry, with its load of worries caused by the subprime meltdown, has another month like it did in August, it will be in record territory for job losses.
Last month, banks with ties to the subprime mortgage industry laid off more than 26,000 employees, the most of any month since global outplacement consultancy Challenger, Gray & Christmas began keeping such records in 1993.
Overall, that brought the total layoff damage to 107,758 in the financial industry this year. Another month that even remotely resembles recent trends will send the layoff total soaring past the 116,515 mark set during the recession of 2001.
Read more . . . money.cnn.com/2007/09/19/...fs/index.htm
This getting to be a real problem in the Bay Area . . . and it's affecting not only lenders but title companies and other real estate vendors. I hope the Fed's move to lower the interest rate will have a positive impact.
If the banking industry, with its load of worries caused by the subprime meltdown, has another month like it did in August, it will be in record territory for job losses.
Last month, banks with ties to the subprime mortgage industry laid off more than 26,000 employees, the most of any month since global outplacement consultancy Challenger, Gray & Christmas began keeping such records in 1993.
Overall, that brought the total layoff damage to 107,758 in the financial industry this year. Another month that even remotely resembles recent trends will send the layoff total soaring past the 116,515 mark set during the recession of 2001.
Read more . . . money.cnn.com/2007/09/19/...fs/index.htm
This getting to be a real problem in the Bay Area . . . and it's affecting not only lenders but title companies and other real estate vendors. I hope the Fed's move to lower the interest rate will have a positive impact.
