Layoffs mount as crisis drags on--

 

The big job cuts are the evidence that the global financial crisis is unrelenting for any industry battered by heavy losses and weak markets. The 5,300 layoffs by the Swiss bank and a further 1,000 in London by Japan's biggest broker are the latest in the global financial sector .Of these, more than 50,000 were at Citigroup, which has made more write downs than any other bank in the world during the crisis. 

     It really cannot be predicted currently what’s in store for people next. It depends on sentiment, which will in turn drive credit markets, which in turn will weigh on banks or not. From the United States to Asian export giant Japan to European powerhouse Germany, the world's top economies is now in recession as the global crisis deepens. They are not the only ones with Singapore, New Zealand and Hong Kong also joining in. 

     The losses at banks are increasing continuously. Investment banking had a significant pretax loss, reflecting the challenging conditions in the financial markets in the quarter and the costs associated with risk reduction.