Monday, September 12, 2011

Heads Will Roll in Finance Sector (again)

European banks including UBS AG (UBSN), Barclays Plc (BARC), HSBC Holdings Plc (HSBA), Royal Bank of Scotland Group Plc (RBS) and Credit Suisse Group AG (CSGN) have announced more than 70,000 job cuts since midyear, compared with 42,000 by U.S. peers, according to data compiled by Bloomberg [emphasis added].
As we pointed out elsewhere, the last time the Finance sector slashed jobs in a panic like this was 2008, heralding the mother of all recessions.

The only one reason to not take this as the darkest of clouds on the horizon is the possibility that this desperate move signals that we're that much closer to the end of this train wreck. But we cannot ignore the rule of threes, and by our count, this is "two."


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