IWS Documented News DAILY POSTINGS

IWS Documented News Service
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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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Challenger, Gray & Christmas, Inc.

CONTACTS

James K. Pedderson, Director of Public Relations

Office: 312-422-5078

Mobile: 847-567-1463

jamespedderson@challengergray.com

Colleen Madden, Media Relations Manager

Office: 312-422-5074

colleenmadden@challengergray.com

Press Release 16 November 2011
MORE WALL STREET JOB CUTS REVEAL ONGOING TROUBLES FOR BANKS
http://www.challengergray.com/press/press.aspx

Citigroup announced a round of job cuts today that will impact about one percent of its global workforce.  That amounts to roughly 3,000 workers, mostly from its securities and banking unit.  Through October of this year, financial firms have announced 54,510 planned job cuts, up 161 percent from the 20,886 job cuts announced from January through October a year ago, according to layoff tracking by global outplacement firm Challenger, Gray & Christmas, Inc.  The largest banking cut this year came just two months ago, when Bank of America announced in September that it would shed about 30,000 workers over the next few years.  “Banks are still in bad shape following the recession and there are still a mountain of problems they must navigate, including the European debt crisis, the millions of foreclosed-on homes sitting on their books and record low interest rates.  While many industries can say, ‘the worst is over,’ the banking industry is still waiting for the other shoe to drop,” said John A. Challenger, CEO of Challenger, Gray & Christmas.

Top Financial Job Cut Announcements, 2011 YTD

WEAKER BLACK FRIDAY SALES EXPECTED; ONE MORE REASON FOR LOWER SEASONAL HIRING

A new survey of retail chief marketing officers by BDO USA found that they are less optimistic about Black Friday sales growth than they were in 2010.  The survey provides further evidence that holiday hiring is likely to remain flat or come in lower than a year ago, as estimated by global outplacement firm Challenger, Gray & Christmas, Inc. in its annual holiday hiring outlook released in September.  Indeed, the pace of retail hiring in October was about the same as a year ago, with retail employment increasing by 141,500, compared to 144,100 in October 2010.  Over the final three months of 2010, retail employment saw a net increase of 627,600 workers.  “Unfortunately, recent news of a softening economic recovery came just as retailers were making decisions about the number of seasonal workers to add to their staffs.  The outlook on Black Friday is just one more reason for retailers to limit the number of extra workers they add for the holidays,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.  

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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

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Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
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