Inside views on the jobs market
Out-of-work Wall Street workers have been on the front pages for months. Auto workers at the Big Three have been struggling for years, and with GM and Chrysler on the verge of a possible bankruptcy and/or bailout their situation is also dire.
Now the so-called knowledge workers are feeling the pinch. Sony is cutting 16,000 workers, and Silicon Valley companies that initially resisted the swooning of the economy are looking to cut costs and shed entry-level positions. As Reuters reported on Tuesday, people in their 20s are finding a college degree is no longer their golden ticket to a dream job in high tech.
Any bright spots? It depends on how you look at it. Of the 30 companies in the Dow Jones Industrial Average, the only ones with stock prices higher than a year ago are Wal-Mart and McDonald’s.
So who is going to face the most job insecurity in 2009: Bankers, autoworkers, or techies?
The following financial services industry appointments were announced on Nov. 21, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
Ramesh Singh, the head of UBS AG’s asset-backed securities division has decided to step down, UBS CEO Jerker Johansson said in an internal memo. The asset-backed securities business at the Swiss banking giant will be reduced in scope. Replacing Singh, will be a group co-led by Bill Chandler, Jack McCleary and Jim Reichek.