Financial crisis claims 325,000 jobs: ILO
Wednesday, 25 February 2009
GENEVA, Feb 24 (AFP): At least 325,000 jobs have been lost in the financial sector since August 2007, the International Labour Organisation said today, warning that even more jobs could go in the coming months.
"As the global economy sinks further into recession, and financial institutions' assets experience even greater impairment, the industry's job losses can be expected to rise even faster," said Elizabeth Tinoco, who heads the ILO's sectoral activities division, in a statement.
Close to 130,000 jobs, or 40 percent of the cuts, were announced between October 2008 and February 12, 2009, according to an ILO report released Monday on the impact of the financial crisis on finance sector workers.
That trend indicated "a rapid acceleration in financial services job cuts over recent months," it said.
The report is set to be the basis of a discussion on Tuesday and Wednesday bringing together 100 senior representatives of governments and workers and employer organizations on the impact of the crisis in the financial sector.
"As the global economy sinks further into recession, and financial institutions' assets experience even greater impairment, the industry's job losses can be expected to rise even faster," said Elizabeth Tinoco, who heads the ILO's sectoral activities division, in a statement.
Close to 130,000 jobs, or 40 percent of the cuts, were announced between October 2008 and February 12, 2009, according to an ILO report released Monday on the impact of the financial crisis on finance sector workers.
That trend indicated "a rapid acceleration in financial services job cuts over recent months," it said.
The report is set to be the basis of a discussion on Tuesday and Wednesday bringing together 100 senior representatives of governments and workers and employer organizations on the impact of the crisis in the financial sector.