Thousands will lose their jobs in the global financial sector as many companies have witnessed the fastest drop in business levels, profitability and confidence in almost two decades.
Initial estimates say that the unprecedented crisis in the global financial services industry will lead to more than 250,000 jobs being lost globally.
And economists say that this figure is 'very conservative.' The eventual number of jobs that will actually be lost could be much higher, they say.
The fiscal hurricane that originated in the United States has soon spread panic and gloom across the world markets. European companies have already announced layoffs, while some Asian companies too have done the same.
Many firms in the banking, financial services, insurance, automobile, airline, etc sectors that were earlier planning to hire more have put their plans on hold. Most of these companies have actually begun to downsize their staff. So check out where the axe is falling. . .
Image: A stock trader gestures as he works on the floor of the New York Stock Exchange even as US stocks took a nosedive in reaction to the global credit crisis. | Photograph: Spencer Platt/Getty Images
Also read: How the Wall St tsunami will hit Indian IT stocks
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