Fidelity is in the process of an approximate 10% reduction with the goal of feeding 4,000 less mouths. USA, UK, Europe, Asia, employees all can begin worrying whether they'll be able to have a Christmas 2008 similar to the 2007 Christmas in the malls. First priority will be to cutting out frivolous expenses like maid service since they will have more time on their hands to man a vacuum. Additional areas for ease of cut are the expensive restaurant meals, the new lease or new auto every year or two, and finally recurring monthly expenses like cable also have a decent shot at being squeezed out.
Not to say these are the wisest people as a group, but individually they probably are aware that the finance sector will not roar back into the same lofty heights with fake products that have no constructive value in our global economy
any time while their heart still beats. Job replacement at comparable pay in same or different field will be difficult.
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