LowFi: Fidelity Back at "It", Further Reductions

Fidelity, who has just recently been shown here, has decided the very recent cut in staff would not be enough and has opted to remove 1,700 more employees off their books.

This case is a perfect example of the statements that allude to the reductions in clownsumer spending by those still employed. Just because someone had dodged a round of layoffs, they will still best be prudent since another round might be around the corner. This case it was just one week later. If you worked there and dodged both of these bullets, would you be out spending up a storm for the holidays?

Related:
Finance sector layoffs? Predictable as the sun rise.
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Master This! Big Credit Cards Taking Big Hit
Please keep your leggs inside the vehicle!
American Express Workforce Decimated - Literally

Finance sector layoffs? Predictable as the sun rise.

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.