Financial Crisis Knocks On The Door
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Canadian and global companies handed out pink slips to many employees in the past two weeks. I work in downtown Toronto and my relatives and friends kept me well informed about the surprise call from HR and then tears, pain, and heartbreaks many of the employees went through all of a sudden. There were instances where employees had been working in the same company for twenty years – had to leave all of a sudden without saying goodbye to their colleagues. If you work that long in a company, your colleagues become more than your family, and it is unutterably painful to depart like that even without eye contact. As you know, I work in the financial industry and I was keeping an eye on these numbers. Here is what I have got so far:
AIC Ltd. = 20%
AGF Trust = 10%
CI Financial = had some cuts but no data available
RBC Capital Markets = laid off 20 equity side investment bankers
GMP Capital = 8%
And many more I have not heard.
The irony is – this time of year Canadian financial companies cannot keep up with recruiting competition due to the shortage of employees. As RRSP deadline approaches closer, it gets harder to find qualified people to work. But that’s not the case this year. Most of the companies put a freeze on hiring and with these recent cuts – those who lost work will have difficulty to find a new position.
Those who survived this layoff, feel lucky enough to have a job in this market turmoil. I hope we recover from the financial meltdown sooner, learn from our mistakes as we go through, and can use what we learned to build a better future.
Related Post – Ten Tips to Survive the 2008 Global Financial Meltdown