The latest wave of financial industry cuts could eliminate 21,000
jobs, rivaling the financial crisis, Fortune reports. Perhaps the only thing more broken than Wall
Street's business model is its staffing strategy.
After adding thousands bankers in the past two years,
financial firms again appear to be on the verge of cutting that many positions
and then some. Consultants and Wall Street recruiters say banks could eliminate
nearly 21,000 jobs from their securities divisions in New York alone. Worldwide
cuts could be even larger. Recruiters say big banks are in the process of
finalizing their downsizing plans, and that layoffs could start soon.
The latest round of job cuts could rival those that happened
during the financial crisis. Back then, which was less than four years ago,
Wall Street eliminated 28,000 positions.
Nonetheless, consultants say the big Wall Street firms are coming to the
conclusion that they have more workers than they need. Last week, The Boston
Consulting Group released a report that predicted banks would eliminate 12% of
their workforce in the "short-term." Recruiters say those numbers
sound similar to what they are hearing from the large firms....
Find out more at http://finance.fortune.cnn.com/2012/04/30/wall-street-layoffs-21k/
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