commercial banks in china seem to be okay right? soaring profit makes the headline on wsj the other day. I heard socgen or bnp is planning to suck several thousands ppl in their hk offices, so financials in asia are still holding up...will likely go down in q1 09 imo.
banks are definately not doing well and will not in the next 6 months, esp. in nyc and london. any lehman ppl out there mind sharing the view? I think asian financials will be all right for the fresh guys (for the timebeing though).
I agree with clocdo's view. We probably will see U.S. unemployment rate hit 6.3%~6.5% in the near future and another round of layoffs in both financial and manufacturing sectors are coming before year end. Commercial banks in US and Europe are the next dogs. FDIC has issued debt to fund the "piggy" bank just in case there are too many failures. Asia growth is slowing down. Africa and Middle East are the hot babes.