The New York Times reports:
The ax falls again in finance.
The layoffs are the latest reductions in an industry hampered by weak earnings, regulatory uncertainty and a global economic malaise. HSBC is cutting 30,000 positions. Credit Suisse said it would eliminate 2,000 positions. And Lloyds Banking is cutting 15,000 jobs.
These layoffs include parents applying to NYC private schools, potentially making for a rocky admissions year. Historically, whenever there is financial undertainty, parents are more reluctant to pay for private school, particularly those that are less elite. The complicating issue in 2011-2012 is that strong Manhattan and Brooklyn public school places are in shorter supply relative to demand.
We wish all our best to families dealing with layoffs.