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Whitney Says Banks May Cut 100,000 Workers in 2012: Tom Keene

By Laura Marcinek - 2012-01-05T12:43:45Z

Audio Download: Whitney Says Banks May Cut 100,000 Workers in 2012

Meredith Whitney, chief executive officer of Meredith Whitney Advisory Group LLC, said banks may cut an additional 100,000 jobs worldwide this year.

Banks “roared by” predictions for 200,000 reductions in 2011, and this year “could be another 100,000,” Whitney said today in a radio interview on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt. This year “stands more of a chance to be a repeat” of 2011, she said.

Financial firms worldwide last year announced more than 200,000 job cuts, up from about 58,000 in 2010 and 174,000 in 2009, according to data compiled by Bloomberg.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net