Banking Labor Law References

Another sign that there is an economic downturn is when companies start to cut jobs. Take for the example the case with People’s United Financial Bank that has allegedly started its cost-cutting efforts in response to the present state of the U.S. economy.

WLBZ2.com reports that the said bank will cut 420 jobs and close 20 branches in four states this summer. The company’s only explanation for the move is that it seeks greater efficiency after taking over Chittenden Corporation in January of this year.

I can’t help but notice that more and more banks are starting to feel the effects of the weakening economy. If this continues, news like this will become ordinary. Let’s see in the next few months how the upcoming administration will handle the recession.

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CNet.com reports that customers of HSBC, Bank of America and Washington Mutual are top targets of identity theft in the banking industry, this was revealed by an investigative study of Chris Hoofnagle, a UC Berkeley Law School researcher.

There were 245,000 identity theft incidents in 2006 according to reports by the Federal Commission. However, names of firms and companies involved were not disclosed. Not until Hoofnagle named them after carefully studying facts and figures.

This news came as a surprise to me since I once heard Capital One and American Express reported a lot of identity theft incidents last year where billions of dollars were involved. On a different note, I hope Hoofnagle’s study raises public’s awareness of the rampant identity thefts happening today. Safeguarding our bank accounts is the prime responsibility of banks but let us do our share in keeping our money safe through responsible banking.

For the link to the article, click here.

Yahoo! News reports that stocks sank on Thursday due to job and bank worries. The Dow Jones industrial average, for instance, registered a drop of 112.10 points ending at 12, 582.18.

Federal Reserve Chairman Ben Bernanke has told Congress that the widening credit crisis will more likely result to some bank failures and affect small banks the most, especially those that invested heavily on real estate.

As I see it, Chairman Bernanke is being realistic here. I have to agree that this financial crisis confronting the banking industry puts more pressure to small banks than to big ones as the former are more vulnerable to market changes than the latter. Also, consumers should brace themselves and expect to feel the burden in the coming months as a result of this widening credit crisis.

The current recession has us deep in it’s bite and it would only be prudent to think that with jobs being shed daily, when will you become the next victim. The global economy is in a slump and even with the billions of dollars in bailout, people are still losing jobs and most of the times more than just that. Uncertainty is in the air for some of the biggest names in the banking industry have already trimmed their workforces to save on labor costs so do prepare yourself for the inevitable should it come.
Not that you want to lose your job, but rather to accept reality that it may happen softening the blow should it come. Life is getting harder and companies are filing for bankruptcies in no time. There is simply no cash to go around and forecasts are grim for recover would take least in the most conservative estimates. Hope you’ve got your savings shored up, you’ll be needing it.

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If you’re like most people, you plan to work hard all your life and you want a comfortable retirement. While no one should rely on Social Security as their sole source of retirement income, it can be a nice addition to their other retirement income. Social Security can provide support for you and your family if you become disabled. Social Security can also provide support for your family when you die.

The Benefits

Have you ever thought about whether or not you might be eligible for the Social Security benefits of someone else’s record? Some examples that may be considered are your current spouse, or a divorced or deceased former spouse. The Social Security Administration always pays on your own record first, if you qualify, but if you also qualify on someone else’s higher benefit, you will get a combination of great benefits that will be received and also the higher amount you will get.

The sub-prime crisis in the United States is still evident in poor home sales and the overall performance of the housing industry. But then, it is heartening to note that builders continue to offer elegant houses that most of them seem too good for comfort. Of course, given the huge investments for such gorgeous structures, the price will really cost an arm and a leg. Or maybe, even your whole body.

If you’re someone who has just enough to keep your family from starvation, it follows that you’ll only buy a house that’s affordable and can fit in your budget or mortgage loan. But then, it shouldn’t stop you from dreaming of owning your perfect house. After all, you never know what your life could be ten or fifteen years from now.

To arouse your senses and sensibilities for things beautiful and expensive, here is the link to the top 10 pricey homes from CNNMoney.com.

The banking industry is a very competitive and modern one. Over the years, banks have invested in technology to improve their products and services. They also have their own ways of courting clients.

In the United States, many banks use the so-called high-touch service to strengthen clients’ loyalty and even lure clients from other banks. In fact, Bankrate.com reports that banks such as Washington Mutual (WaMu) are treating their branches as “stores” by providing customer-centric banking. “While other banks were directing customers out to the ATMs and debating ‘clicks versus bricks,’ we stuck with bricks and developed a retail concept that meets customers’ needs in a friendly, less intimidating, more personal way,” stressed WaMu retail banking vice president Diana McSweeney.

This innovation in most banks in the United States is a testament to their commitment to provide quality banking products and services to their clients. If this continues, more clients will be satisfied and the vibrancy of the banking industry will be sustained. I think this is all possible amid the political noise and the slowing U.S. economy.

For the link to the article, click here.

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Everyone has dreamed of acquiring a house at one point in his life. Having a house you can call your own is like the fulfillment of one’s goal of being independent, literally and figuratively speaking. That is why every family works hard to afford to buy a house.

Houses are bought using cash or through housing loans. Housing loans are more popular since it gives the buyer the opportunity to pay the house in installment. It also gives one the freedom to use his regular income in paying the bills, allotting only a part of it in paying the mortgage.

Mortgage payment is something that needs close attention and efficiency. If you ever decide to buy a house for yourself or for your family, you must know how to compute your mortgage payment. Here’s a mortgage payment calculator from Bankrate.com to help you do all the math regarding your mortgage.

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In the United States, many Americans are not yet comfortable with banking using their mobile phones or personal digital assistants (PDAs). The idea of mobile banking has yet to get instilled in their heads. However, this is not the case with the younger Americans as they seem to get the hang of mobile banking.

WashingtonPost.com reports that young Americans are increasingly coming around to the idea of mobile banking as compared to their older fellows. The findings were based on a telephone survey conducted by Opinion Research Corp. to 1,424 U.S. adults aged 18 and older, all of whom have cellular phones and bank accounts.

Obviously, efficiency and convenience are the names of the game and young people know it. I believe on-the-go banking services such as mobile and online banking are the way to go given our fast-paced and technology-driven world.

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The banking industry is one of the biggest and widest-ranging ventures in the world. According to the U.S. Bureau of Labor Statistics, the U.S. banking industry provided employment to around 1.8 billion wage and salary workers in 2006.

The employment in the banking industry is divided into different categories of financial and customer service occupations. Based on the data from the U.S. Bureau of Labor Statistics, teller jobs get the largest number of workers while office and administrative support get the largest portion of jobs. On the other hand, management, business and financial occupations make up 25 percent of employment in the industry.

A high school education is needed for most office and administrative support jobs while a college degree is required for management, business and financial jobs.

For a complete profile of the banking industry, click here.

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