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View Full Version : Wall Street Braces for New Layoffs as Profits Wane



Shadow
06-19-2011, 10:39 AM
Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.

The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act.

“It’s a tense environment right now,” said Glenn Schorr, an analyst with the investment bank Nomura.

http://www.cnbc.com/id/43435919

CSM
06-20-2011, 06:21 AM
Don't worry, the government has created millions of jobs and they can create more!

Seriously, every time I hear someone say "we created or saved jobs" I cannot help but think "we fabricated 'jobs' out of thin air or forced some company to keep over paid, non productive union members"