Wednesday, February 27, 2013

Here's Why Wall Streeters Are STILL Getting Axed

From Bloomberg: Goldman Sachs' annual layoffs will reportedly be worse than usual, JP Morgan announced that it's cutting 4,000 jobs, and already Morgan Stanley has let go 1,600 employees.  Barclays, Deutsche Bank, UBS ... people are still leaving Wall Street jobs in a line that seems never ending, and anyone that hoped the bleeding would stop in 2013 is sure to be disappointed.

The financial crisis hit five years ago, and while the U.S. has gotten to the point where it's adding jobs at a slow and steady pace, the global financial sector continues to add and shed jobs in fits and starts. According to the New York Office of the Comptroller, New York's securities industry lost 28,3000 jobs during the financial crisis, and has only gained back around 8,000.
Wall Street's problem is a business model problem…..

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