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Wall Street expects more than 200,000 layoffs
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Traders and investment bankers might have more to worry about than dwindling bonus pools this year as mass firings on Wall Street are set to hit a record.The fallout from this year's global credit crisis has claimed jobs throughout Wall Street, from hedge fund managers to floor traders and beyond. More than 110,000 people have lost their jobs so far this year, and some industry experts forecast it could come close to 200,000 before the year is over.
Even the financial industry's biggest name isn't immune. Goldman Sachs Group Inc., the world's biggest investment bank, made plans Thursday to cut 3,200 positions from its staff of 32,000. Barclays Capital is in the midst of purging 3,000 jobs as part of its takeover of Lehman Bros., and Bank of America Corp.'s acquisition of Merrill Lynch & Co. is sure to add thousands more.
Major U.S. financial companies are getting rid of redundancies caused by this year's rapid-fire consolidation. They are also adapting to an environment of more regulation, less risk and dwindling profits.
"Wall Street the way we know it is, frankly, gone," said Michael Williams, dean of the graduate school of business at Touro College in New York. "This was inevitable because there's just not enough money out there to support the huge staffs these banks and investment banks had before." More.
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