Monday, September 26, 2011

Capital One replaces lost HSBC jobs

Governor Jack Markell’s office announced today that Capital One is bringing 500 jobs to Delaware. This comes as Capital One acquires both HSBC’s credit card business and ING Direct. While Markell, DEDO and the Democrat leadership in Delaware is hyping the news, a look at the actual numbers offers a sobering view of reality.

Jobs lost or planned to be lost:
Wilmington Trust (M&T Bank) – 700 jobs lost
HSBC – 500 jobs lost
AIG/MetLife – 150 jobs lost
CIGNA – 500 jobs planned to be lost in Delaware
Bank of America – 30,000 nationwide layoffs, potentially 3,000 in Delaware alone

Mass layoffs by month (these #’s do not reflect smaller layoffs):
Apr 2011 – 8,000 jobs lost
May 2011 – 5,000 jobs lost
Jun 2011 – 6,000 jobs lost
Jul 2011 – 3,000 jobs lost
Total 4 mths – 22,000 jobs lost

In just 4 months we have lost 44 times as many jobs as Capital One plans to add by the end of 2013 (more than 24 months away). Rich Heffron, VP of the Delaware State Chamber of Commerce says we are “ahead” in the jobs race now. Really Rich? Really? With business leaders who add like this, is it a wonder we are so far BEHIND in job creation - DEDO & Markell release on Capital One jobs

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