Wall Street Layoffs

C

cstfx

Reading thru the papers this weekend and there is the usual whiff in the air about the impending Wall Street layoffs that are coming this fall and winter (Xmas is usually a favored time to let people go ;) ). So I thought I'd start this thread to keep track of displaced as it becomes news of these recently or about to be unemployed money men/women. It doesn't have to be limited to WS as layoffs in the rest of the economy is more indicative of the state of the economy.

To start:


Wall Street hiring machine goes idle
After years of buildup, employment levels flatten and cuts loom
By David Weidner & Alistair Barr, MarketWatch
Last Update: 3:07 AM ET Sep 3, 2007

NEW YORK (MarketWatch) - The turbulent environment for stocks and bonds has stalled another booming market: the one for jobs on Wall Street.
Hiring has slowed or seized up at many firms including Lehman Brothers Holdings Inc. and Citigroup Inc. where 17,000 job cuts were announced in the spring. And more layoffs loom in many areas in the investment- banking industry in the wake of the August credit crunch, particularly in businesses such as credit trading and structured products, analysts and job recruiters predict. At the very least, bonus season looks a lot tougher this year on Wall Street and in The City in London.

[snip]


http://www.marketwatch.com/news/sto...FFB06-E822-4EA0-9BE8-B48B97F54FA6}&siteid=rss
 
Wall Street paid 17 billion in bonuses last year. Think the tax take in NYC and Upstate will be a bit sparse the next few? Wall St. layoffs will be followed by City workers, State workers........ on and on.
 
Quote from flytiger:

Wall Street paid 17 billion in bonuses last year. Think the tax take in NYC and Upstate will be a bit sparse the next few? Wall St. layoffs will be followed by City workers, State workers........ on and on.
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nonsense. government workers in most parts of the world do not get laid off unless there is a catastrophe.
 
Quote from zdreg:

nonsense. government workers in most parts of the world do not get laid off unless there is a catastrophe.
More...

Exactly. You think all the problems are on the table????? I think not.
 
Quote from zdreg:

nonsense. government workers in most parts of the world do not get laid off unless there is a catastrophe.
More...
In NY, they rely on the tax revenues way too much, and if the revenues go down, there will be public service layoffs. We had it in 88, 91, and 97-98. So look for the same here if Wall Street revenues begin to decline.

Plus tax hikes.
 
Quote from cstfx:

In NY, they rely on the tax revenues way too much, and if the revenues go down, there will be public service layoffs. We had it in 88, 91, and 97-98. So look for the same here if Wall Street revenues begin to decline.

Plus tax hikes.
More...

In Florida, Gov. Crist is trying to reform property taxes. They've been too high forever, and with the property appreciation, they've gone thru the roof. You can't sell, even six months ago, because the new owner will have ridiculous tax levels.

Now, the municipalities are crying, because they don't have money and they are having to lay off all the relatives they've hired in the past ten years. They pissed every dime they garned with the windfall away. This is precisely why high taxes are a bad idea. I'd say they spend like drunken sailors, but a drunk sailor will get a hooker, and get something in return. These morons don't. Any government, anywhere. All the same.
 
catastrophe meaning change of gov't a military coupe or invasion


Quote from zdreg:

nonsense. government workers in most parts of the world do not get laid off unless there is a catastrophe.
More...
 
catastrophe meaning change of gov't a military coupe or invasion


Quote from zdreg:

nonsense. government workers in most parts of the world do not get laid off unless there is a catastrophe.
More...
 
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