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 Wondering why there's been a flurry of layoffs on Wall Street in the last few weeks? A Financial Time story suggests that year-end bonuses may be the culprit.
Firms reportedly fear that employees will sue for a bonus based on when they are let go, according an article in the Financial Times. Apparently many firms have an unwritten policy that cuts should be made before June 30 because those leaving are less likely to claim they are owed a bonus. However, with Wall Street reeling from the credit crisis, staff should be cautious to assume they are safe even after July 1, warns the FT. There have been up to 83,000 layoffs on Wall Street in the first six months of the year, according to various media reports. Despite the deluge of pink slips, there are still plenty of employment options for investment bankers on Wall Street. Check out The Deal's Career Center for the latest job postings. - Maria Woehr
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