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Credit Suisse may cut positions in Britain, US and Switzerland

Published on
Friday, July 1, 2011
Written by
Staff Reporter [1]

The Swiss has launched a job consultation in Britain, potentially extending staff cuts, according to a person familiar with the matter. The layoffs could affect investment banking staff on the advisory side of the business, as well as traders at Switzerland's second-largest bank. It is set to axe hundreds of investment bank jobs in Switzerland and the United States, reports said. Reuters

Job uncertainty hurts fertility

The uncertain employment outlook has pushed down fertility rates in the US and Europe, where young people postponed having babies in the midst of a recession, according to a recent demographic research. The 18-month US recession that ended in June 2009 reversed a decade-long increase in fertility rates in developed economies, according to Vienna-based demographer Tomas Sobotka. The study shows how the lingering effects of the financial meltdown, which resulted in the worst economic slump since the Great Depression, have changed populations. Young and highly educated women will be more inclined to forgo having children while unemployed men will have a harder time finding a partner, according to the study. Bloomberg

StanChart eyes second-half hiring  

Standard Chartered reduced its staff numbers by about 1,300 in the first five months of this year as it restrained costs, but says it expects to increase investment in the second half of the year and add more staff. Speaking at a conference call, finance director Richard Meddings says the bank is likely to see a net increase in staff this year, in line with previous estimate of a 1,000 rise or slightly less. The bank had 85,000 employees at the start of the year. Meddings was speaking after the bank said it was on course for record half-year income and profits. Reuters

Indonesia to end export of maids  

Indonesian President Susilo Bambang Yudhoyono has vowed to create more works and end employment of their women in other countries as maids (below right). The plan comes following the beheading of an Indonesian maid last week in Saudi Arabia which sparked an outcry nationwide.

The government said it would stop sending maids to Saudi Arabia, starting August. Hatta Rajasa, the economic coordinating minister, said that from 2011 to 2014, state-owned enterprises could create 6.6 million jobs. "In 2010, we absorbed 3.3 million more workers. We expect a higher number this year with economic growth, new investment and the expansion of industry, agriculture and mining," he said. Xinhua

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