| Submit your comments on this article |
| Economy |
| Wall Street reportedly preps for biggest round of layoffs since 2008 |
| 2023-01-24 |
| [NYPOST] Banks are preparing to lay off tens of thousands of workers in an industrywide bloodbath that’s expected to become Wall Street’s largest since the 2008 financial crisis, according to a report. The mass firings are looming after banks built up their workforces over the last two years as mergers and acquisitions, initial public offerings and SPACs flooded in. At the same time, most banks had halted their annual culling of 1% to 5% during the pandemic. Now, some banks are facing investment banking revenues that have been cut in half even as payrolls have ballooned. Goldman Sachs, Morgan Stanley, Credit Suisse and Bank of New York Mellon have already slashed more than 15,000 jobs combined over the past few months, the Financial Times reported. Those cuts could be just the beginning, according to some industry insiders. "Banks hired in a crazy fashion over the last few years," John Breault, CEO of recruiting firm Breault & Smith, told The Post. "So far these layoffs have been normal retrenchment but things could get worse." |
| Posted by:Fred |
| #9 /\ Could foking VERY EASILY HAPPEN! Wat excellent cover-for-action and media diversion. |
| Posted by: Besoeker 2023-01-24 17:38 |
| #8 ...If we're not dragged into a land war in Ukraine. |
| Posted by: JohnQC 2023-01-24 17:32 |
| #7 Lots of layoffs under the Obiden administration. 2024 ought to be ripe for reform and a Pub sweep. |
| Posted by: JohnQC 2023-01-24 17:28 |
| #6 There is a scene in (Brenden Fraser) The Mummy when the boat they are on is sinking and the Warden asks, "What do we do?" and McConnel says something like, "Wait here, I'll go get help." Feel like that is when this article is saying. |
| Posted by: swksvolFF 2023-01-24 15:27 |
| #5 Oh no! Anyway... |
| Posted by: Regular joe 2023-01-24 14:44 |
| #4 Wall Street has long been bang’n’bust with regard to employment. Banks in the hinterlands go on hiring sprees when Wall Street sheds highly trained, excess bodies. |
| Posted by: trailing wife 2023-01-24 12:15 |
| #2 Wall Street was / is part of the Trump Must Goâ„¢ cabal. They are getting what they asked for. |
| Posted by: M. Murcek 2023-01-24 09:09 |
| #1 Let's see. DC spends its A$$ off. Pandemic scare. DC spends Trillions more than the revenues of the USA funding climate issues. LSD pushed Min. Wage increases. Housing price sky rocket and crash. Banks start layoffs . Big banks starting little ones. Talk of bailouts. Etc.etc. etc. YEP! Sure sounds like OBAMA round 2. 18+% actual inflation. |
| Posted by: NN2N1 2023-01-24 09:03 |