The fear of layoffs on Wall Street is distracting workers and exacerbating an already dismal pace of business, fins.com reports.. With pink slips fluttering on Wall Street and markets reeling from debt crises in Europe and the U.S., finance professionals are avoiding risky decisions, validating poor ideas to win favor with managers, jumping to more stable firms and steering clear of collaborative projects that could reflect well on co-workers -- all in hope of surviving the next round of layoffs -- according to bankers, finance consultants and recruiters.
"There's a lot of people who have been on edge for the last three or four years, so burnout is a factor too," said Alex Jakobson, a managing director at RogenSi, a consultancy based in Australia and New York that advises sales staff at several Wall Street firms.
Indeed, there is much for finance professionals to fear. A number of investment banks have cut employees in recent weeks as trading volumes slipped, in some cases to their lowest point in years. Many analysts believe Wall Street is in store for a series of large layoffs in the coming weeks….
Read more at http://www.fins.com/Finance/Articles/SB131067970671129399/The-Fear-Factor-on-Wall-Street?Type=0&idx=2
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