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Saturday, December 06, 2008


Online Site Relentless in Job Search as Financial Job Cuts Galore

FinancialServicesCrossing, an affiliate of EmploymentCrossing, is fighting against the downsizing market, adding more than 7,000-plus financial services jobs to its job search database this week. The financial services job site is doubling its efforts to counter the impact of the recession on the US job market. FinancialServicesCrossing scours over 8,000 job boards and 250,000 employer websites to find jobs for financial services professionals. It seeks to find and list every financial services job in the US, to relieve unemployed finance professionals from their troubles.

"The wave of economic turbulence has taken out thousands of jobs from various industries. The credit crisis has engulfed the banking industry. However, the company has been relentlessly finding financial services jobs from every possible source and adding them to their databases to support the efforts of thousands of job seekers," says A. Harrison Barnes, the CEO of FinancialServicesCrossing.

In a shocking report recently, Bank of America stated that it could end up slashing 30,000 jobs as it moves to absorb Merrill Lynch, which it acquired in September this year, in a $50 billion all-stock deal. JPMorgan Chase & Co. of New York announced that it is firing 9,200 employees of Washington Mutual Inc. of Seattle. In November, Citigroup Inc. announced that it is laying off 53,000 employees as it aims to cut costs and return to profitability. Earlier this year, Wachovia Corp. was forced to give pink slips to about 10,700 employees after incurring huge mortgage losses amounting to $8.86 billion.

On the credit crisis front, the latest news is of Credit Suisse which is said to be cutting 650 jobs, equivalent to about 3% of its investment banking workforce. An analyst at The Oppenheimer & Co., Meredith Whitney, says that the financial industry, especially Bank of America, Citigroup, and JP Morgan Chase may cut as much as $2 trillion in credit card account lines over the next 18 months. She says that the action is expected to be taken in order to reduce risk of damage from increasing delinquencies and defaults.

"Credit deterioration and the number of bad loans were worse than expected," says Barnes. "But not everything is over yet. FinancialServicesCrossing is showing that if efforts are put in the right direction, a recovery is possible. Banks and financial organizations will have to find alternative ways to weather the American economic storm, rather than putting people out of work."

FinancialServicesCrossing has a comprehensive number of financial services job listings in its database which are constantly added and updated by hundreds of highly trained research analysts. FinancialServicesCrossing weeds out spam and jobs outside one's niche allowing the job seeker to search jobs efficiently and specifically.

The top job titles which are highly searched on FinancialServicesCrossing are:

Barnes adds, "FinancialServicesCrossing has about 43,000-plus financial jobs for the job seeker's perusal. To have these many jobs related to the financial sector in the database is a commendable achievement by any standards, especially in this recession."


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