This story by Louise Story and Eric Dash in today’s New York Times is about the “stealth”-like nature of the Wall Street layoffs that have been occurring since last summer. Firms are chopping staff quietly, and slowly over time, keeping their employees largely in the dark. Naturally, this has unnerved the rank-and-file.
There have been 65,000 cut so far. More are expected.
Update: This story by Christine Harper on Bloomberg ups the total to 83,000 so far, with, again, more to come. It looks like it’s going to be worse than the dot-com bubble. Especially if you’re at UBS or Lehman.
Update (9/15/08): Challenger, Gray & Christmas note that there have been over 100,000 laid-off since August of 2007. Now, with Lehman going bankrupt, Merrill bought, and AIG on the brink, look for that total to climb.