Wall Street Jobs To Shrink Further

Yikes! Wall Street has cut 1,200 jobs since the beginning of 2012 and could contract further over the remainder of the year, while the securities industry's cash-bonus pool is expected to decline for the second consecutive year, according to a report released by New York State Comptroller Thomas DiNapoli. A New York report released late Tuesday projects further employment losses in the securities industry. The projections reflect continued belt tightening efforts by big banks, which have been grappling with weak trading volumes, a slowing economy and tougher regulations for more than a year. With scant revenue growth, firms like Bank of America Corp., BAC -0.75% Goldman Sachs Group Inc. and Morgan Stanley MS -0.57% have been cutting costs since mid-2011, contributing to thousands of industry layoffs world-wide………... Wait…wait…thre’s more at http://online.wsj.com/article/SB10000872396390444897304578046861117857312.html?mod=WSJ_hp_LEFTWhatsNewsCollection