“Do you have a minute?” In a recent discussion Business Insider had with both hedge fund and banking insiders, everyone agreed that these are the most terrifying words on Wall Street nowadays.
That’s because hearing it usually results in you being summoned into a conference room, while someone places a box on your desk.
In other words, you’re about to be laid off.
This line can come in the form of an email subject line, a tap on the shoulder from someone or a phone call from the conference room.
The next most ominous phrase, “Can I talk to you for a sec?”
Wall Streeters are definitely on edge about layoffs these days.
Just last month, Deutsche Bank said it will be axing 1900 of its workforce, with 1,500 coming from its investment banking division.
Goldman Sachs just cut 20 to 30 jobs in sales and trading, according to the Wall Street Journal.
Meanwhile, bank analyst Meredith Whitney predicts that there will be a total of 50,000 layoffs across Wall Street.