Post by unlawflcombatnt on Aug 21, 2007 14:59:39 GMT -6
from Yahoo News:
Financial job cuts soar on housing woes
8/21/07
By Jonathan Stempel
"NEW YORK (Reuters) - A deepening U.S. housing slump has caused an alarming surge in job losses at U.S. financial services companies, and the end is nowhere in sight, consulting firm Challenger, Gray & Christmas Inc. said on Tuesday.
The industry has announced 87,962 job cuts so far this year, 75 percent more than the 50,327 recorded for all of 2006, Challenger said. Nearly one-fourth of this year's cuts have been announced in August alone.
Of this year's cuts, 35,830, or 41 percent, were tied to housing market troubles, including riskier subprime mortgages. Job cuts by real estate and construction firms totaled 21,620, more than twice the number for all of 2006, Challenger said....
In the last week, investment bank Bear Stearns Cos, credit card issuer Capital One Financial Corp and mortgage lenders Countrywide Financial Corp and First Magnus Financial Corp announced 8,640 mortgage-related job cuts, Challenger said.
Another 2,400 cuts were announced by SunTrust Banks Inc as part of the bank's existing cost-cutting program....
April has been the year's busiest month for financial job cuts, Challenger said. That month, companies announced 33,789 cuts, including 17,000 by Citigroup Inc and 3,200 by bankrupt mortgage lender New Century Financial Corp.
Job cuts are mounting as credit losses widen.
On Tuesday, the government's Office of Thrift Supervision said troubled assets, or loans at least 90 days past due, rose at savings and loans it regulates to $14.2 billion in the second quarter from $9.5 billion a year earlier.
Meanwhile, home foreclosure filings in July surged 93 percent from a year earlier and rose 9 percent from June, to 179,599, according to a Tuesday report by research firm RealtyTrac...."
This puts the annualized rate of home foreclosure filings at over 2.1 million.
Financial job cuts soar on housing woes
8/21/07
By Jonathan Stempel
"NEW YORK (Reuters) - A deepening U.S. housing slump has caused an alarming surge in job losses at U.S. financial services companies, and the end is nowhere in sight, consulting firm Challenger, Gray & Christmas Inc. said on Tuesday.
The industry has announced 87,962 job cuts so far this year, 75 percent more than the 50,327 recorded for all of 2006, Challenger said. Nearly one-fourth of this year's cuts have been announced in August alone.
Of this year's cuts, 35,830, or 41 percent, were tied to housing market troubles, including riskier subprime mortgages. Job cuts by real estate and construction firms totaled 21,620, more than twice the number for all of 2006, Challenger said....
In the last week, investment bank Bear Stearns Cos, credit card issuer Capital One Financial Corp and mortgage lenders Countrywide Financial Corp and First Magnus Financial Corp announced 8,640 mortgage-related job cuts, Challenger said.
Another 2,400 cuts were announced by SunTrust Banks Inc as part of the bank's existing cost-cutting program....
April has been the year's busiest month for financial job cuts, Challenger said. That month, companies announced 33,789 cuts, including 17,000 by Citigroup Inc and 3,200 by bankrupt mortgage lender New Century Financial Corp.
Job cuts are mounting as credit losses widen.
On Tuesday, the government's Office of Thrift Supervision said troubled assets, or loans at least 90 days past due, rose at savings and loans it regulates to $14.2 billion in the second quarter from $9.5 billion a year earlier.
Meanwhile, home foreclosure filings in July surged 93 percent from a year earlier and rose 9 percent from June, to 179,599, according to a Tuesday report by research firm RealtyTrac...."
This puts the annualized rate of home foreclosure filings at over 2.1 million.