Financial services job losses mount
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The prolonged U.S. housing slump is causing a surge in the number of job losses announced by financial services companies, consulting firm Challenger, Gray & Christmas Inc. said Tuesday.
The financial industry has announced 87,962 job cuts so far this year, 75% more than the total of 50,327 in all of 2006. Of this year’s cuts, 41% were related to troubles in the mortgage market, including riskier sub-prime mortgages, Challenger said.
In August alone, there have been 20,957 announced job cuts, including 11,040 since Friday, Challenger said.
Among the cuts since Friday were 8,640 mortgage-related jobs at Bear Stearns Cos., Capital One Financial Corp., Countrywide Financial and First Magnus, Challenger said.
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