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Bloomberg is reporting this morning that the fifty largest global banks will cut their collective employee headcount by roughly 101,000 this year.
Banks cite slow growth, new debit card rules and low interest rates as some reasons behind the accelerating layoffs.
Of course, a percentage of these bank employees might be entry-level employees who really do need the work to help make ends meet, in which case the layoffs suck. But if you've lost your job since 2008 and still don't see any highly-paid bankers facing their day in court, then you probably aren't weeping in your store-brand oatmeal over this development.