In sum, the new message for Wall Street is this is the best it’s going to get.
Meredith Whitney recently predicted that Wall Street will cut 80,000 jobs over an 18-month period, starting after 2010 compensation payments, which, by the way, will also suck.
The industry’s payouts will be “down dramatically.”
“2010 marks the first year in many in which Wall Street-centric firms will go through structural changes.”
And in case you missed it this morning, the rest this month will probably not be any fun, either, because the pressure is on to recover from losses in July and August. If this September isn’t “off the charts,” analyst Jeff Harte told Bloomberg, it won’t save the third quarter.
Good luck out there.