Maybe help is on the way for Luxembourg:
http://blogs.reuters.com/hedgehub/2009/10/02/onshoring-the-hedge-fund-industry/
After another disastrous couple of weeks, where Dexia BIL announced employment cuts, despite the very generous bailout by the Luxembourg Government (read people), after having mismanaged itself in hole, it is the German Landesbank Baden-Wuerttemberg (LBBW) which closes its doors in Luxembourg. Another 200 jobs are gone with no one seeing an easy replacement.
There was a time when both Dexia BIL and LBBW were among the highest rated banks in Luxembourg. At LBBW at least everyone, from employees to management, seems to suffer the consequences from wreckless banking.
At Dexia BIL and Dexia-RBC it is 200-300 sailors who have to swim, though they just landed 25% of Dexias global profits? The captains stay on the boat. We need many hedge funds to compensate for those employment losses. Oh, yes, the politically correct label is early retirement and voluntary resignation.
Hello! Employment goes down in Luxembourg, no matter what the label tries to say!
Egide Thein
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