Finance sector fuels January layoffs

In January, 74,986 American workers were laid off, an increase of 69% from December’s total of 44,416.
FEB 04, 2008
By  Bloomberg
In January of 2008, 74,986 American workers were laid off, an increase of 69% from December’s total of 44,416, according to a report released today by outplacement firm Challenger Gray & Christmas. The bump in layoffs was mainly due to the shedding of jobs in financial sector, which terminated 15,789 positions in January, more than one-fifth of all layoffs for the month. “If the economy dips into a full-blown recession, it will likely be caused by a drop in consumer spending and the effects of the high price of energy,” stated John Challenger, CEO of the research firm in a statement released along with the report. There were 19% more layoffs in January 2008 than there were in January 2007, when 62,975 people were laid off. Neither 2007 nor 2008 saw as many losses as 2001 - the height of the dot-com crash - when monthly layoffs averaged almost 140,000 prior to the terrorist attacks of 9/11. From September 2001 through January of 2002, monthly layoffs jumped to an average of 216,000.

Latest News

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

Goldman gets shareholder backing on $80M executive bonus packages
Goldman gets shareholder backing on $80M executive bonus packages

The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.