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.