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 It looks like banks are facing another round of pink slips. The Associated Press is reporting that before the end of the year Wall Street layoffs could top 200,000. The latest round of layoff rumors and reports include all of the major banks.
CNBC is reporting that Morgan Stanley could lay off 15% of its work force. The report also estimated that Goldman, Sachs & Co. and J.P. Morgan Chase & Co. will likely have to lay off 10% to 15% of their employees. Goldman Sachs announced in October that it would cut 3,200 positions from its staff of 32,000. Barclays Capital is expected to dole out pink slips to 3,000 employees as part of its takeover of Lehman Holdings Brothers Inc. Some former Lehman employees are suing the bankrupt investment bank for violating the Worker Adjustment and Retraining Act, which requires 60 days advance notice in writing of a layoff.
Meanwhile, Wells Fargo & Co. announced Tuesday it would lay off some of its 1,600 employees at its mortgaging service center in Fort Mill, S.C. CNBC is reporting that due to Merrill Lynch's merger with Bank of America Corp. around 10,000 employees could lose their jobs. Corporate Dealmaker is reporting that the deal could result into 25,000 job cuts. - Maria Woehr For more check out: Wells Fargo layoffs; BofA-Merrill shareholders to vote The Deal's Career Center Layoff Reports CategoriesComments
From: working girl,
the real asset wall streeters bring to the table is the income tax they pay back to Uncle Sam and the fat bonus checks they spend to prop up other industries. Uncle Sam made some banks take this money whether they wanted it or not. If you think cutting comp is a good idea, wait til the smart people get pissed off walk off wall street to main street and take your job. Worse still wait for the trickle effect when Wall Streeters don't bring money to other businesses and you have more people filing bankruptcies and many more industries failing. Retail, Tech, Consumer Driven industries are going to nosedive across the board. Uncle Sam will really be hurting if more banks fail and we no longer have foreign investors interested in unstable US markets. It would help even more if there were no more US car companies around. We can buy everything from other countries that will help us stay independent.
Posted on:
November 11, 2008 8:27 AM
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They will all find new jobs, I see so many high paying jobs posted on job sites -
www.linkedin.com (professional networking)
www.indeed.com (aggregated job listings)
www.realmatch.com (matches you to the perfect job)
Good luck to all those searching for jobs.