British economy heading for crisis? Barclays and Pearson axe thousands of staff…(The WHOLE Western Banking Toast!)

Thursday, January 21, 2016
By Paul Martin

BANKING stalwart Barclays and education giant Pearson are the latest firms to confirm thousands of job losses today, amid fears recent stock market turmoil could soon impact the British economy.

Thu, Jan 21, 2016

Barclays is stripping its investment banking unit by 1,000 people, with most of the cuts being made in Asia where markets have struggled in recent months.

The firm is closing its units in Australia and Russia, as well as Indonesia and Thailand, and is also considering selling its precious metals business.

The job losses come under the firm’s new boss Jes Staley, who took control of Barclays at the end of last year.

At the same time Pearson – which recently sold the Financial Times newspaper- announced 4,000 job cuts globally, as it warned over profits.

The firm is slashing its entire workforce by about 10 per cent, but could not say how many people in Britain would lose their jobs where it employs up to 5,000 people.

It comes after BP this week announced it was cutting 4,000 jobs positions, including 600 North Sea jobs.

Tata Steel also announced 1,000 roles will go, with most of the them from its plant in south Wales.

Critics fear there could be further job losses in coming months amid falling oil and commodity prices.

Michael Hewson, chief market analyst at CMC Markets UK, said: “The pressure on oil prices is likely to continue with the potential outcome that vulnerable oil producers could go out of business and thus trigger a series of loan defaults.

“This is the elephant in the room and at the moment it is rolling over everything in its path, as concerns rise that the job losses in manufacturing start to ripple out into the broader economy and cause a slowdown that way.”

The Rest…HERE

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