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Employment security is critical in responding to the financial crisis

Nov 12, 2008 Letters

Dear Editor,
The Clerical and Commercial Workers’ Union (CCWU) calls upon financial institutions, central banks, governments and investors to work together to stabilse the financial system and ensure that people in the industry and beyond do not lose out.
The security of employment and the livelihood of finance employees are of paramount importance in the response to the crisis. Crisis has gripped not only financial markets but affects the economy around the world.
The business mode of many investors, companies, and managers, based on short-term, unsustainable profit expectations and share prices, has failed. In Asia, Europe and North America, job losses are expected to be 200,000 in the finance industry alone.
Regulators must keep in step with financial innovation and proactively stop market failures. Investors, especially pension funds, but also financial institutions, must live up to their duty not to risk their existence through speculation.
Transparency must be ensured in product design and market functioning. Remuneration system must discourage rather than fan risk taking.
Sherwood Clarke

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