Life NFT: The economy, the recession and your job.

KC Jones · 01-24-2009, 09:50 AM

I'm in a Financial Services company

However I feel pretty secure. We sold half the company last year that was health insurance to focus on our retirement services record keeping (that's the part I work in). We're flush with cash from the sell and looking to buy up stuff on the cheap as banks fail or are in trouble and need to sell off their record keeping services. We're also one of the cheapest in the market so when companies look to save money we may get more business.

Now the company has been going through a layoff of various corporate staff since we just sold half the people they used to support but since our division is the new focus we are out of scope. There is some impact though. The companies revenue is partly tied to assets managed and since the market tanked that number has gone down. Also management is using the tough economy to squeeze people a little more. I'm not planning on much of a bonus or raise this year.

DJ's left nut · 01-26-2009, 10:52 AM

Quote:

Originally Posted by KC Jones

I'm in a Financial Services company

However I feel pretty secure. We sold half the company last year that was health insurance to focus on our retirement services record keeping (that's the part I work in). We're flush with cash from the sell and looking to buy up stuff on the cheap as banks fail or are in trouble and need to sell off their record keeping services. We're also one of the cheapest in the market so when companies look to save money we may get more business.

I know it sucks when the higher ups freeze raises, etc... but it sounds like your mgmt team has a pretty good head on its shoulders. Maybe it backfires, but if your company has always been strongest in retirement services, selling off the weaker part to get capital that can be used in a down market is a great approach.

You make most of your money when there's blood in the streets. Companies with forward thinking leadership will be in exceptional shape in 12-18 mos.

memyselfI · 01-26-2009, 11:23 AM

Sprint announced another 8k layoffs nationwide today. That should hit the KC area pretty hard, unfortunately. Home Depot annoucned a bunch as well.

01-24-2009, 09:50 AM	#1
KC Jones Genious Join Date: Aug 2000 Location: Colorado Casino cash: $10012761	I'm in a Financial Services company However I feel pretty secure. We sold half the company last year that was health insurance to focus on our retirement services record keeping (that's the part I work in). We're flush with cash from the sell and looking to buy up stuff on the cheap as banks fail or are in trouble and need to sell off their record keeping services. We're also one of the cheapest in the market so when companies look to save money we may get more business. Now the company has been going through a layoff of various corporate staff since we just sold half the people they used to support but since our division is the new focus we are out of scope. There is some impact though. The companies revenue is partly tied to assets managed and since the market tanked that number has gone down. Also management is using the tough economy to squeeze people a little more. I'm not planning on much of a bonus or raise this year. __________________ re-sign: to sign again resign: to withdraw from employment
Posts: 5,366

01-26-2009, 11:23 AM	#3
memyselfI CHANGEd your mind yet???? Join Date: Aug 2001 Location: Lunatics Anonymous Casino cash: $10005234	Sprint announced another 8k layoffs nationwide today. That should hit the KC area pretty hard, unfortunately. Home Depot annoucned a bunch as well. __________________ Meet the new boss same as the old boss. BigChiefDave:"Anyone who thought we would only be in Iraq for a few years is either stoned or just stoopid." "It is unknowable how long that conflict will last. It could last 6 days, 6 wks. I doubt 6 mths." Rummy 2/7/03
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