Market Driven_IHB
New member
Citigroup to lay off 6,500 employees, mostly investment bankers. Goldman Sachs to undergo layoffs as well. This is not exactly real estate related, but then again it is (especially in big cities like New York, London, etc).
Citigroup article: http://online.wsj.com/article/SB121416925522495095.html
Goldman article: http://www.ft.com/cms/s/0/4b0e96b2-4093-11dd-bd48-0000779fd2ac.html
"Entire trading desks in New York and other cities are expected to be eliminated. And unlike Citigroup's other recent reductions, this round will feature layoffs of dozens of senior managing directors, the people said."
These are some highly-paid professionals with Ivy-league pedigrees who'll soon be out of work. It's interesting to me when high-paying jobs are eliminated, since it should have serious effects on local real estate because most of these people own expensive homes/condos. 6,500 people eliminated, probably means roughly 4,000+ foreclosures to come in the next few months. It's news like this that feeds my desire to read Padilla's upcoming book, just to learn some details on how Wall Street f'd up this whole economy (with help from others of course), geez what a mess.
Citigroup article: http://online.wsj.com/article/SB121416925522495095.html
Goldman article: http://www.ft.com/cms/s/0/4b0e96b2-4093-11dd-bd48-0000779fd2ac.html
"Entire trading desks in New York and other cities are expected to be eliminated. And unlike Citigroup's other recent reductions, this round will feature layoffs of dozens of senior managing directors, the people said."
These are some highly-paid professionals with Ivy-league pedigrees who'll soon be out of work. It's interesting to me when high-paying jobs are eliminated, since it should have serious effects on local real estate because most of these people own expensive homes/condos. 6,500 people eliminated, probably means roughly 4,000+ foreclosures to come in the next few months. It's news like this that feeds my desire to read Padilla's upcoming book, just to learn some details on how Wall Street f'd up this whole economy (with help from others of course), geez what a mess.
