Adverting to some recent discussion on Futurework I see from this morning's
paper that JPMorgan, the world's largest bank outside China and Japan, are
going to shed 19,000 jobs. This is on top of 15,000 redundancies announced
some timee ago. Even Goldman Sachs, a partnership (as all merchant banks
used to be), has been shedding paid staff. Writing from memory, I think I'm
right in saying, all the large 'universal banks' (Johnny-cum-latelies) have
already lost about 15% of their staff since 2008 (with more to go) and/or
are hastily reverting to being normal high street banks again.
Banks have had a field day in the last 20 or 30 years having been allowed
to create as much credit as they wanted and to disguise criminal
activities. Politicians and regulatory authorities are not going to let
them off the leash for at least the next few years because politicians have
lost even more reputation thatn the banks since 2008. (They're going to
lose a great deal more when they can't deliver economic growth.)
Keith
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