Date: April 9th, 2007
Time: 22:38
Place: Tenterhooks
The financial press is all a-twitter about tomorrow's big announcement about the shake-ups at Citibank. Some reports have "layoffs AND (emphasis mine) relocations" totalling 36,000. I don't think it's going to affect me or many of the people in my direct area.
There are some new rental apartments going up in Long Island City near the old Pepsi-Cola plant. The want around 4K per month for a 2 bedroom apartment in a middle-of-nowhere area. Has there been a new glut of 6-figure jobs that appeared in NY recently of which I am unaware? The pay scales at the banks and brokerage houses have been flat to down, and there are fewer banks and brokerages than there were. Chase, MHT, Chemical, and JP Morgan are all part of Bank One. Smith Barney and Merrill are the only big brokers left. Even the remaining financial companies have been moving their operations and DP out of the city of not out of the country.
I guess it must be from real estate, the price of which rises as people swap it among themselves in anticipation of rising value. Tulip bulbs, anyone?
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