Job security in the financial sector

If you think trading for a living has no job security, well that’s true. But is there such security anywhere these days? Especially in the financial sector these days we’re seeing tens of thousands of people being laid off around the world. Citibank announced the other day laying off 50,000 people and now JP Morgan announcing 10% of its workforce will be out of job soon. It’s an unfortunate turn of events, I hope they have saved up for this rough period. I can also imagine the job competition once banks start hiring again. Ain’t going to be pretty. Maybe some of them will join the retail / independent trading scene. I think we’re going to need the liquidity soon when things start to quiet down.

Bloomberg.com: JPMorgan May Fire 10 Percent of Investment Bank Staff

JPMorgan Chase & Co., the largest U.S. bank, plans to fire about 10 percent of its investment banking staff, or about 3,000 people, as the global economy slides into recession, a person familiar with the bank said.

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