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Maria Raha
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The wobbly legs of the financial sector are difficult to ignore. In 2007, financial companies became constant bearers of bad tidings. Although the sector is generally exempt from such news, announcements of layoffs have streamed from the newswire throughout the year. According to Reuters, 2007 has seen the financial sector contributing heavily to a second-half upswing in unemployment. Among other companies, the following announced downsizing: Merrill Lynch, Countrywide, Citigroup and HSBC—mostly due to the year’s much-reported bursting of the real estate bubble.
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Maria Raha
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