An employee outside the New York headquarters of Citigroup, which plans to cut 52,000 staff. Photo: BloombergWITH its losses mounting, Wall Street is cutting jobs faster — and deeper — than even pessimists had feared.
In one of the largest single rounds of layoffs on record, not just for the financial industry but for any industry, Citigroup said on Monday it planned to eliminate a staggering 52,000 jobs, or 14% of its global work force.
While Citigroup had already announced its intention to do away with about half those jobs, news of the additional cutbacks — and the sheer size of the total — underscored the flagging fortunes of the entire financial industry.
Not since the early 1990s has an American company announced such a sharp reduction in one swoop. The industry has shed more than 120,000 workers since the beginning of 2007, and many predict at least 240,000 more will go this year and next.
Now that white collar "educated" Americans are discarded by corporations just as fast as blue collar labor - is it wise to encourage our children to pursue a conventional college education that funnels them into an unsustainable business model?
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