GLOBAL JOB CUTS INCREASE

The biggest global banks are cutting jobs at the fastest rate since 2008 as a weak U.S. economy squeezes revenue, regulators push firms to hold more capital and companies restructure businesses to improve profitability.

According to the Bloomberg resources, the 50 largest banks, including HSBC Holdings Plc (HSBA), Credit Suisse Group AG (CSGN) and Bank of America Corp. (BAC), disclosed plans for almost 60,000 reductions since Jan. 1, . At that pace, they’ll cut more than 101,000 jobs this year -- the most since 192,000 positions were targeted in 2008 amid loan losses, a global credit crunch and unprecedented government bailouts.

Bloomberg also revealed that Job losses in the global financial services industry this year are close to surpassing 200,000. Top companies are eliminating jobs to reduce costs.

A big unrest awaits the world.