Tuesday, November 22, 2011

Layoff Watch: Wall Street Unoccupied With 200,000 Job Cuts

…On Oct. 31, MF Global led by former Goldman Sachs Group Inc. (GS) co-CEO Jon Corzine collapsed. John Brady, co-head of MF Global ‘s Chicago Office and 1,065 colleagues joined a wave of firings that has washed away more than 200,000 jobs in the global financial-services industry this year, eclipsing 174,000 in 2009, data compiled by Bloomberg show.

BNP Paribas (BNP) SA and UniCredit SpA (UCG) announced cuts last week, and the carnage likely will worsen as Europe’s sovereign-debt crisis roils markets.
“This is something very different,” said Huw Jenkins, a former head of investment banking at UBS AG (UBSN) who’s now a London- based managing partner at Brazil’s Banco BTG Pactual SA. “This is a structural change. The industry is shrinking….”

There's more...Find it at http://www.bloomberg.com/news/2011-11-22/wall-street-unoccupied-with-200-000-job-cuts.html

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