We’re not really surprised by this news that there will be more layoffs on Wall Street before the year is done. But hang in there, bankers, it’s not over yet.
NY Post: A weary Wall Street is facing the prospect of passing out more pink slips to bankers and support staff before the year is up.
Thus far, about 150,000 jobs have been eliminated at some of the biggest financial institutions, including Citigroup, UBS and JPMorgan Chase, according to Bloomberg.
However, some firms may shed an additional 5 per cent this year if the market doesn’t right itself, predicts bank analyst Dick Bove at Ladenburg Thalmann.
Bove says that firms that have already reduced headcount in fits and starts this year, are bracing for another round of cuts if the next two months reveal more rockiness in the market.
Here’s who’s weilding the ax and how much blood will be shed, according to the Post:
Citi: cuts in fixed-income, mergers and acquisitions, initial public offerings and trading
JP Morgan: proprietary trading
Goldman Sachs: reducing staff by 10 per cent
Barclays: planning to fire 3,000
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