Word: white-collar
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...chairman, who defended the company's assumptions. "Either our hypothesis was wrong or we didn't manage it right." But Robinson believes that external factors, most notably the current recession, hit Amex's clientele especially hard. "We had models for dealing with tough times but not for a white-collar recession. The model wasn't tested for hurricanes...
...leads are not the problem; they illuminate their roles. Fox, an icon of sunny impudence, plays a blend of his two most famous roles: the sassy kid from Family Ties and the cherubic go-getter in the Back to the Future trilogy. And Hurt, Hollywood's white-collar star, mines wit and pain from a static character. The actor can get wondrously glum when he plays a smart guy flummoxed by fate, which is why he should have been cast as the hero-victims in Presumed Innocent and The Bonfire of the Vanities. Instead he got The Doctor, whose style...
...layoffs have struck particularly hard. The troubled banking sector alone has lost more than 100,000 jobs as a result of consolidations and closings since 1989; the recent wave of megamergers will only accelerate the trend. BankAmerica's $4.5 billion acquisition of Security Pacific will reportedly eliminate 10,000 white-collar jobs, or 11% of the companies' total work force. "People who get laid off when banks merge don't get rehired," says David Wyss, an economist with the consulting firm Data Resources. "That is a permanent, structural change...
...today. "We've cut layers of management," says a company spokesman. "These are our ways of staying alive and being competitive." In Detroit, Ford, Chrysler and General Motors have eliminated 350,000 jobs since 1979, a reduction of 36%. The Big Three plan to lop off another 20,000 white-collar positions this year...
...have computers made workers more productive? Stephen Roach, a senior economist at Morgan Stanley, says white-collar productivity has been stagnant since the 1960s. By contrast, blue-collar productivity has improved by a factor of four. "Companies thought that by simply buying boxes they would somehow make people work harder," says Roach. It didn't happen, Roach discovered, largely because the technology failed to reach the top: while back-office support jobs have been automated, less than 10% of senior executives even use personal computers...