City/Banking job losses - data source?

[johnfm]

Hi

Trying to get an idea of how many City job losses took place in 2008 when the Lehmanns/Bear STearns collapses hit the fan.


I could do with an idea of numbers (one source suggested about 30,000 losses in 2008 and a predicted 34,000 in 2009 - but it is an old source 'predicting' these losses

Could also do with an idea of average salary of the cull. I expect only a tiny % of city workers are on 'silly money' and big bonuses.

I have no doubt that the vast majority are back office staff on very average wages trying to get by - and then there's all the non-bank support staff, like cleaners, couriers etc that lose work when the sector is slashed.

I don't want a debate on whether or not they 'deserved it' and the public sector are going through it blah blah - just some date for research purposes.

Thanks

[Bing o]

No numbers I'm afraid, but you should also look at jobs that were near/off shored as a result. I know of one large German Bank that has just finished a 3-4 year cycle of off and near shoring.

[johnfm]

would I be correct in thinking that 'greedy bankers with their gold encrusted bonuses' probably numbered less than 15,000 or so in a workforce of 300,000 in London?

Trying to get confirm that most city workers just have fairly boring, average paid jobs with little or no bonus - and all we see on the news is the 1% of the industry.

Or am I wrong?

[crankedup]

johnfm said:

would I be correct in thinking that 'greedy bankers with their gold encrusted bonuses' probably numbered less than 15,000 or so in a workforce of 300,000 in London?

Trying to get confirm that most city workers just have fairly boring, average paid jobs with little or no bonus - and all we see on the news is the 1% of the industry.

Or am I wrong?

I would imagine that the vast majority of public do not give a flying fig about the back room humdrum worker bees slaving away for a pittance. It is the top 1% that are so reviled and receive the accolade so richly deserved, it seems. Very few moderate earners, pensioners, unemployed, under 18's, newly borns or the dead will have anything but sheer verbal venom for a group of employed people that are outside of 'the norm'. Whatever that is.

[Elroy Blue]

johnfm said:

Trying to get confirm that most city workers just have fairly boring, average paid jobs with little or no bonus - and all we see on the news is the 1% of the industry.

What, you mean like the 'parasitic' public sector workers with gold plated pensions of a few thousand a year. According to the Daily Mail, everyone of them is on hundreds of thousands and they retire before they start work.

[johnfm]

Elroy Blue said:

johnfm said:

Trying to get confirm that most city workers just have fairly boring, average paid jobs with little or no bonus - and all we see on the news is the 1% of the industry.

What, you mean like the 'parasitic' public sector workers with gold plated pensions of a few thousand a year. According to the Daily Mail, everyone of them is on hundreds of thousands and they retire before they start work.

Yes.

[johnfm]

crankedup said:

johnfm said:

would I be correct in thinking that 'greedy bankers with their gold encrusted bonuses' probably numbered less than 15,000 or so in a workforce of 300,000 in London?

Trying to get confirm that most city workers just have fairly boring, average paid jobs with little or no bonus - and all we see on the news is the 1% of the industry.

Or am I wrong?

I would imagine that the vast majority of public do not give a flying fig about the back room humdrum worker bees slaving away for a pittance. It is the top 1% that are so reviled and receive the accolade so richly deserved, it seems. Very few moderate earners, pensioners, unemployed, under 18's, newly borns or the dead will have anything but sheer verbal venom for a group of employed people that are outside of 'the norm'. Whatever that is.

Could you summarise that in English for me.

[Bing o]

johnfm said:

I don't want a debate on whether or not they 'deserved it' and the public sector are going through it blah blah - just some date for research purposes.

Thanks

Well, you got one. Sorry chap. Cockedup and Elroy Two Chips ruined that one for you.

[RacerMDR]

i just had a 10% pay cut.......but was extended for 8 months.

the 10% cut is across the board

[Mikeyboy]

RacerMDR said:

i just had a 10% pay cut.......but was extended for 8 months.

the 10% cut is across the board

Where do you work?
I suppose for a lot of people its better than cutting 10% of the staff? Not that it will feel like that to you right now.

[RacerMDR]

Mikeyboy said:

RacerMDR said:

i just had a 10% pay cut.......but was extended for 8 months.

the 10% cut is across the board

Where do you work?
I suppose for a lot of people its better than cutting 10% of the staff? Not that it will feel like that to you right now.

i'd rather not say - but it's a bank. I'm in IT rather than a banker.

Yeah wasn't over the moon.......but in fairness, I got a 8% payrise on the headhunt....and I enjoy the job. So i see that I get paid in other ways rather than money. (experience, future earning potential etc)

So, took it on the chin.

My option was take it or fk off.......so I took it.

[crankedup]

johnfm said:

Could you summarise that in English for me.

Small fry in financial services sector, IMO, is those earning less then 50k annual salary, are of no concern and never feature in debates. Whilst the 'so called' top 1% of top directors and bankers, lets say those receiving larger salaries over the 2 million mark annually are those that seem to be despised by most people in the U.K. The other working plebs in finance, the in-between, are only interested in climbing the greasy pole it would seem, you know 'the hard working high tax payer'.
I do apologise for my poor English, but it didn't hold me back making an honest living

Edited by crankedup on Thursday 24th November 16:42

[cardigankid]

johnfm said:

would I be correct in thinking that 'greedy bankers with their gold encrusted bonuses' probably numbered less than 15,000 or so in a workforce of 300,000 in London?

Trying to get confirm that most city workers just have fairly boring, average paid jobs with little or no bonus - and all we see on the news is the 1% of the industry.

Or am I wrong?

15,000 / 300,000 = 5%, so you are wrong. Are you a banker, then?

[johnfm]

cardigankid said:

johnfm said:

would I be correct in thinking that 'greedy bankers with their gold encrusted bonuses' probably numbered less than 15,000 or so in a workforce of 300,000 in London?

Trying to get confirm that most city workers just have fairly boring, average paid jobs with little or no bonus - and all we see on the news is the 1% of the industry.

Or am I wrong?

15,000 / 300,000 = 5%, so you are wrong. Are you a banker, then?

Actually, as an order of magnitude, my estimate is in the correct ballpark and will do initially for a qualitative analysis of the difference between public perception and reality.

If I had specific data to work with, I could make a quantitative analysis of the issue.

Are you chippy wage earner, then?

[johnfm]

crankedup said:

johnfm said:

Could you summarise that in English for me.

Small fry in financial services sector, IMO, is those earning less then 50k annual salary, are of no concern and never feature in debates. Whilst the 'so called' top 1% of top directors and bankers, lets say those receiving larger salaries over the 2 million mark annually are those that seem to be despised by most people in the U.K. The other working plebs in finance, the in-between, are only interested in climbing the greasy pole it would seem, you know 'the hard working high tax payer'.
I do apologise for my poor English, but it didn't hold me back making an honest living

Edited by crankedup on Thursday 24th November 16:42

Cheers for the clarification.

[Muncher]

My firm (law) shed 9% of staff at the time, with more having left since then, perhaps another 3%. I think that was fairly typical across the board.

[NorthernBoy]

crankedup said:

I would imagine that the vast majority of public do not give a flying fig about the back room humdrum worker bees slaving away for a pittance. It is the top 1% that are so reviled...

No, you'll find that the vast majority don't care about the top 1%, either, as they don't have this bizarre fixation on what other people earn.

You have this weird psychosis where you seem to get bizarrely angry about people like me, who you don't know, and whose jobs you aren't clear about, earning what you deem to be too much.

May I say that your dissatisfaction is noted, and given due consideration, and will be borne in mind in my bonus discussions this year.

[munky]

RacerMDR said:

i just had a 10% pay cut.......but was extended for 8 months.

the 10% cut is across the board

That sounds like RBS contractors, unless others have done the same

[RacerMDR]

munky said:

RacerMDR said:

i just had a 10% pay cut.......but was extended for 8 months.

the 10% cut is across the board

That sounds like RBS contractors, unless others have done the same

Not RBS, there was a 'rebaseline' last week. I believe Lloyds, Barclays, RBS and various others have had the 10%

[Sebo]

munky said:

RacerMDR said:

i just had a 10% pay cut.......but was extended for 8 months.

the 10% cut is across the board

That sounds like RBS contractors, unless others have done the same

I believe Barcap also cut day rates by 10%