Wall Street to Cut 70K More Jobs

The Financial Times reports that “executives and analysts” predict another 70,000 layoffs on Wall Street in the U.S. alone in the near term.

This on top of the 150,000 already lost in financial services worldwide.

The New York Post also reports rumors that Morgan Stanley will cut 10% of it’s 50,000 employees this week. This news comes on top of Goldman Sachs’s 10% cut two weeks ago.

I don’t like to continually be the voice of doom, but these layoffs probably won’t be the end for Wall Street.

And let’s not even think about GM and Ford going bankrupt.

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One Response to Wall Street to Cut 70K More Jobs

  1. Nope, you are 100% right. With all these layoffs you have to wonder if people are thinking of the backlash for the consumer spending market? If I can’t work I don’t go out to eat. If I can’t go out to eat then the local restaurant I go to and the waitress I tip make no money from me. Then the restaurant makes cutbacks and the backlash continues. This is far from over.

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