Feeds

Citibank, RBS and JP Morgan wield gilt edged axe

City workers under siege

Next gen security for virtualised datacentres

Citibank is cutting another 53,000 from its payroll, on top of the 22,000 job cuts it has already announced.

JP Morgan is also expected to announce job cuts today - the bank has already told contractors to accept lower day rates or find work elsewhere. Royal Bank of Scotland also said today that it is cutting 3,000 posts from its investment banking division.

Goldman Sachs told contractors two weeks ago to accept a 15 per cent cut in day rates and Barclays Capital is looking for volunteers for redundancy within its IT department.

Citibank is the largest of recent culls but follows last week's news of 10,000 job cuts at BT and over 2,000 at Virgin Media. Staff at Citibank have reportedly already been told about the layoffs but the company is releasing no details of exactly where the cuts will come.

With no sign of an end to the credit freeze and so many banks in the process of merging, and thereby laying off duplicated staff, it is going to get tougher in financial IT departments before it gets better.

The Local Government Association predicted today that as many as 370,000 jobs could go in London and 280,000 in the south-east over the next couple of years.

Researchers predict construction and manufacturing will be worst hit. The LGA said that as many as two out of five jobs in London and the south-east could be at risk but that "renaissance northern cities" might do better. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?