The bankers got us into this mess and now they face the aftermath of their reckless greed. Merrill Lynch, the financial management and advisory company have made the single biggest lay-off in the history of the Square Mile. The lay-offs represents 30% of their combined work force in London and a 7% reduction in staff numbers in the Investment Banking and Investment Management (IBIM) division across the globe.
They’re will be a lot of people hawking their Gieves and Hawkes suit, selling off their blackberries and looking for work elsewhere. But seriously, although it seems hard to feel sympathetic about financial workers losing their jobs, there will be a lot of people affected by the lay-offs who never benefited from their huge bonuses. Every financial institution is made up by support staff, administrators, IT people and many others. These are the people who will be hit hardest by losing their jobs as they never received huge salaries and mega bonuses.
