Financial Giants Begin To Layoff 12,000 As Employment Surveys Show Worsening Job Market

Two of the banking and financial world’s big names have begun laying off workers, says Bloomberg .com. Word is that 12,000 workers, possibly more, will be axed over the next year. Wednesday,  Goldman Sachs Group Inc. began informing some 3,200 employees – 10 percent of its workforce – that they will soon lose their jobs. Citigroup Inc., started issuing notices earlier this week to the first of the 9,100 workers – 2.6 percent – it plans to let go.

Meanwhile, Monster’s Employment Index was down 10 points in October. That’s a 20 percent decline over where the index stood a year ago.  The index is a monthly gauge of U.S. online job demand based on a count of online job listings from thousands of corporate and commercial job boards, including Monster (profile; site).

No surprise that hiring has slowed. Outplacement firm Challenger, Gray & Christmas says employers announced another 112,884 job cuts in October.

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Friday, the Bureau of Labor Statistics releases its employment counts for October.

John Zappe is the editor of and a contributing editor of John was a newspaper reporter and editor until his geek gene lead him to launch his first website in 1994. He developed and managed online newspaper employment sites and sold advertising services to recruiters and employers. Before joining ERE Media in 2006, John was a senior consultant and analyst with Advanced Interactive Media and previously was Vice President of Digital Media for the Los Angeles Newspaper Group.

Besides writing for ERE, John consults with staffing firms and employment agencies, providing content and managing their social media programs. He also works with organizations and businesses to assist with audience development and marketing. In his spare time  he can be found hiking in the California mountains or competing in canine agility and obedience competitions.

You can contact him here.