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  1. #1
    DF VIP Member GTI's Avatar
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    Question Will unemployment spike after the new year?

    My younger brother works for one of the American banks in the City, he's in a back office role so definitely not one of the high rollers.
    Anyway, his management have spoken about needing to reduce headcount by about 30 - 40% and understandably he is worried. Since major institutions tend to avoid lay-offs around Christmas time, my feeling is that the axe will fall after the New Year. He's been with the bank for about 1.5 years and therefore is one of the last in (and likely first out).

    Do others feel that the worst is still to come i.e. after the New Year many more people will be laid off? Its very difficult for me to guage the mood and sentiment when I'm so far from home myself.

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  2. #2
    DF Jedi Greyfox's Avatar
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    Default Re: Will unemployment spike after the new year?

    I definitely think there will be. My brother is having the same problems as yours. Hes in the printing industry and works for a small company who have said they are cutting the headcount by 20% after christmas. Bad times ahead for many i think.

  3. #3
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    Default Re: Will unemployment spike after the new year?

    It's going to get much worse depending on your sector and I think we are looking at a prolonged period where only the most efficient businesses are likey to survive. On a personal level I'd say to people if your job is to sit around drinking tea all day you should start looking busy I work for an automotive supplier & it's not looking good on the one hand, but the business is strong & one competitor has just gone bankrupt. There's an opportunity for more business there & it's this sort of situation that makes me think that we'll have strong & efficient businesses lasting the longest.
    No sympathy for the devil; keep that in mind. Buy the ticket, take the ride...

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    DF VIP Member GTI's Avatar
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    Default Re: Will unemployment spike after the new year?

    Quote Originally Posted by beansontoast View Post
    It's going to get much worse depending on your sector and I think we are looking at a prolonged period where only the most efficient businesses are likey to survive. On a personal level I'd say to people if your job is to sit around drinking tea all day you should start looking busy I work for an automotive supplier & it's not looking good on the one hand, but the business is strong & one competitor has just gone bankrupt. There's an opportunity for more business there & it's this sort of situation that makes me think that we'll have strong & efficient businesses lasting the longest.
    Thats a very good point, I've already told him to increase his visibility, be more punctual, forget surfing at work, smarten up his appearance i.e. freshly pressed shirts, no stubble etc.. and just generally ingratiate himself to his managers.
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  5. #5
    DF VIP Member gunner's Avatar
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    Default Re: Will unemployment spike after the new year?

    In a word - yes.

    The real impact of the present situation will not be felt until Q1 09.
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  6. #6
    VIP Member CzarJunkie's Avatar
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    Default Re: Will unemployment spike after the new year?

    After watching The Ascent of Money last night (it's been a cracking series for those who have missed it and ironically sponsored by The Cayman Islands Tourist Board, which always raises a smile.) I think losing his job should be the least of his worries. Being conscripted may be more of a concern.

    By 2027 China's GDP will have outstripped that of the USA and by about this time the USA will probably start defaulting on her debts, if not before. Then the world will become a very interesting place indeed.

    I'm already having mandarin lessons, learning to eat with chopsticks and beginning to appreciate Mao's cultural revolution.

  7. #7
    DF VIP Member Fear345's Avatar
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    Default Re: Will unemployment spike after the new year?

    Quote Originally Posted by CzarJunkie View Post
    After watching The Ascent of Money last night (it's been a cracking series for those who have missed it and ironically sponsored by The Cayman Islands Tourist Board, which always raises a smile.) I think losing his job should be the least of his worries. Being conscripted may be more of a concern.

    By 2027 China's GDP will have outstripped that of the USA and by about this time the USA will probably start defaulting on her debts, if not before. Then the world will become a very interesting place indeed.

    I'm already having mandarin lessons, learning to eat with chopsticks and beginning to appreciate Mao's cultural revolution.
    I get on well with the two women at the chippy and only last week one of them give me a Chinese calender do you think this will work in my favor in years to come ?
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  8. #8
    VIP Member CzarJunkie's Avatar
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    Default Re: Will unemployment spike after the new year?

    Quote Originally Posted by Fear345 View Post
    I get on well with the two women at the chippy and only last week one of them give me a Chinese calender do you think this will work in my favor in years to come ?
    Not if you spell favour like that.

    In all seriousness though, if you can persuade one of them to have your child (just the one mind), I suspect it will. Ensure they're not Vietnamese passing themselves off as Chinese before you throw the pig on it though.

  9. #9
    DF Jedi pumpman's Avatar
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    Default Re: Will unemployment spike after the new year?

    Quote Originally Posted by CzarJunkie View Post
    After watching The Ascent of Money last night (it's been a cracking series for those who have missed it and ironically sponsored by The Cayman Islands Tourist Board, which always raises a smile.) I think losing his job should be the least of his worries. Being conscripted may be more of a concern.

    By 2027 China's GDP will have outstripped that of the USA and by about this time the USA will probably start defaulting on her debts, if not before. Then the world will become a very interesting place indeed.

    I'm already having mandarin lessons, learning to eat with chopsticks and beginning to appreciate Mao's cultural revolution.
    aye its been a good series, here's a thought, the Chinese have done well in the west opening restaurants, I'm thinking of opening a chippie in China selling deep fried mars bars

  10. #10
    VIP Member CzarJunkie's Avatar
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    Default Re: Will unemployment spike after the new year?

    Quote Originally Posted by pumpman View Post
    aye its been a good series, here's a thought, the Chinese have done well in the west opening restaurants, I'm thinking of opening a chippie in China selling deep fried mars bars
    I think all the major US fast food chains have beaten you to it. Although there might be a gap, if you can offer deep-fried tiger's bollocks alongside the mars bars to ease them in, then you may be sitting on a fucking yuan-mine.

  11. #11
    DF PwNagE ant3b's Avatar
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    Default Re: Will unemployment spike after the new year?

    Quote Originally Posted by CzarJunkie View Post
    After watching The Ascent of Money last night (it's been a cracking series for those who have missed it and ironically sponsored by The Cayman Islands Tourist Board, which always raises a smile.) I think losing his job should be the least of his worries. Being conscripted may be more of a concern.

    By 2027 China's GDP will have outstripped that of the USA and by about this time the USA will probably start defaulting on her debts, if not before. Then the world will become a very interesting place indeed.

    I'm already having mandarin lessons, learning to eat with chopsticks and beginning to appreciate Mao's cultural revolution.
    The program sounds interesting. But the prediction of China's GDP outstripping USA might not happen? When was this program aired pal?

  12. #12
    VIP Member CzarJunkie's Avatar
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    Default Re: Will unemployment spike after the new year?

    Quote Originally Posted by ant3b View Post
    The program sounds interesting. But the prediction of China's GDP outstripping USA might not happen? When was this program aired pal?
    Last night.......on CH4. NZB attached....

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