Another organization demonstrates the rapidity with which hiring can turn into firing

State Street Global Markets has spent much of 2010 and 2011 building up its global markets business. According to the FSA register, it has around 56 registered individuals, of whom 19 arrived over the past two years: 13 in 2010, 6 in 2011.

Now, however, State Street appears to be having second thoughts.

Headhunters inform us that State Street Global Markets has closed the rates business it’s been building up, both in London and Boston, with the alleged loss of around 40 jobs (25 of which are said to be going in London).

Reuters says State Street has pulled out of British government bond auctions.

For those let go, new jobs may not be forthcoming for a while. Other banks (Credit Suisse) have been cudgeling their rates businesses too.

“It’s bad timing just a week before Christmas,” observes the head of one search firm. “Everyone’s waiting to see what happens in January and February before putting 2012's hiring plans together.”

[polldaddy poll=5759365]