back to article Credit crunch hits finance sector - small biz next?

The much-embarrassed finance sector will keep a tight rein on IT spending this year as it prepares to jettison as many as 10,000 workers, according to the latest research from the CBI. The business bigwigs group’s latest forecast shows the credit crunch starting to bite hard in many parts of the finance sector in the three …


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  1. Anonymous Coward
    Anonymous Coward


    I, as a contractor, have been a victim of this. No new budget for the project, and a quick shove out the door of a Tier 1 Investment Bank. To be fair, I have been lucky and found another contract quickly, but not in the financial arena. I suspect this is not going to be good going for a while.

  2. amanfromMars Silver badge

    I Beg 42 Differ .....

    "This means negative investment intentions “even for information technology”"

    Which is all very dependent on the quality of the information technology being presented for investment, meThinks.

    Any Prime Initiative with IT is bound to Attract, in a Barren Sterile Empty of Initiative Market, Leading Speculative Funding which in ITs Most Practical Sense would merely involve a Resting of Capital Funds [whether they be In Distress Funds such as are UnderAssured with Future Potential because of Systemic Past MisInvestment/Sub-Prime Performance or Gung Ho Joint Add AIdD Venture Capitalists Flash Funds] and allowing Generated Interest on such Accounts to Flow to the Prime Initiative Driver/Project/Program .......... Virtual User Real Interface.

    Thus is Capital Triple Assured .....with Owner Control/Bank Interest/Driver Benefit...... and all Equally Interdependent on the Continuing Provision of Excellence in Order to Guarantee Continuity of Involvement/Employment/Deployment.

  3. Tom Austin

    @AC "Alas..."

    ...likewise, almost exactly. Got another contract in a supporting industry in a fairly smart-ish fashion, but it's looking shaky for nearly all contractors that I know personally.

    Oh well. Keeps the times interesting, gives us perspective from outside the City. And who would have thought there's so much else kicking off outside the Square Mile?

  4. Elmer Phud

    Less money, more movement?

    Looking at it from the IT angle it appears that the major money players will not be doing so much business but those a rung or two down the pile will be busy transferring what's left between each other as bankruptcies and foreclosures start to impact.

    There's still money to be made out of money but maybe not so much.

    My thanks to amanfromMars for explaining it all on Corporatspeak.

    Can we both have £1.5mil for the consultancy fees, please.

  5. Slaine

    option 3

    <reporting scotsman>

    A spokesman for economic climate controls, in response to these FSB allegations, stated, "This totally unforseen financial downsizing on a global scale cannot be attributed to unscrupulous profiteering by self indulgent windbags ...sorry... executives but is, in fact a result of the evil drugs trade, terrorists and sun spot activity; It has had the added unfortunate effect of putting a noticable and significant pressure on our massively self indulgent bonuses... sorry... supernormal profits ...sorry... basic pay and thus to maintain a suitably heavy series of continuing golden handshakes, gilt backscratchings and backpocket stuffings in the little chambres to the rear of the gent's watering closets up and down the banking highways ...sorry... erm, profitability, it has, regrettably, been necessary to offload some of the useless third ...sorry... more expendable ...sorry... valuable middle management groups. Regrettable, because we've already screwed the rest of the country down so tightly that a well greased gnat couldn't find a way between the tightly clenched cheeks of your average tax payer, even if it was armed with particularly effective pliers ...sorry... economised so effectively elsewhere, we're forced to look for new places to make the cuts."

    NB: Tax Payer, as in - actually PAYS tax. Option 3 is total economic meltdown... here it comes... but you didn't hear that from me. I wasn't here.

    <endreporting scotsman> Now back to the studio.

  6. amanfromMars Silver badge

    @option 3


    We appear to have said the same thing only differently :-) Does that therefore make it True?

    And I'm fully supportive of Elmer Phud on this matter too .... "There's still money to be made out of money but maybe not so much.

    My thanks to amanfromMars for explaining it all on Corporatspeak.

    Can we both have £1.5mil for the consultancy fees, please." ..... Not so much maybe but it is only the start, Elmer Phud.

  7. Slaine

    @ amanfromMars

    I am honoured marthter... it really wath nothing more than the inthane rantingth of a deranged lunatic, liberally peppered with thceptical inthigtth and blithtering thpin-thpeek. What really thurprithed me wath that it got accepted by the thenthorth... perhapth thith ith the trick?

    And ath a thignificantly thubtherviant thecond plathe to your awthomeneth, I mutht inthitht that you take the million and I will thruggle on with 500000. Tho beginth the revolothion. Ath below, tho above... Let me get your coat.

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