We are witnessing the worst of financial services job cuts in history? Well, here's one way to look at it: If banks were bent on maintaining their compensation ratio--that is, their compensation costs as a percentage of revenues--they would have to lay off many, many more employees, says a financial analyst.
It says the results of its analysis "range from the farcical (Merrill Lynch) to the disturbing (Credit Suisse), and the reassuring (Goldman and Morgan Stanley)." More specifically, Merrill Lynch would have to lay off more than 58,000. Credit Suisse would have to lay of 16,000. JPMorgan would have to layoff more than 5,000. Meanwhile, Goldman Sachs and Morgan Stanley would not require any additional layoffs, adds the analyst.
Source: Agencies
No comments:
Post a Comment
Thanks for posting your comments. Do continue to visit
http://blogspot.siliconvillage.net for more news, features and interviews in business, technology, gadgets related areas.