As major investment banks make cost-cutting a priority, many are planning layoffs in the next few months. Fins.com reports that poor market conditions are forcing Wall Street to align costs with the level of business, primarily by reducing headcount.
UBS and Credit Suisse are the latest banks reportedly planning to hand out thousands of pink slips. Surprisingly, many of the cuts will take place in wealth management, a sector that had been presumed to be mostly immune from financial turmoil.
"It's happening now across the board," said Richard Stein, partner at Caldwell Partners, a executive search firm headquartered in Toronto. "This is kind of like the beginning of a tsunami. You don't get it in one go; it comes in sort of short shock-waves. It started with Goldman, moved to UBS and Credit Suisse. BofA is next."
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