We’re Fast-Approaching A Tipping Point Into A Permanent Financial Decline: The Shrinkage In Wall Street Is Just Getting Started, Bill Gross Boosts Treasury Holdings, More Than Half Of Republicans Prepared To Let US Default, Western Governments May Soon Borrow In Renminbi, Economists See Slower Long-Term Growth In America’s Future
January 14th, 2013
The Shrinkage In Wall Street Is Just Getting Started!
Business Insider: Last week, it was reported that Morgan Stanley would ax 1,600 jobs, or about 6 percent of the global institutional securities group, Bloomberg News reports.
The latest round of reductions are expected to begin today and continue into the coming weeks.
According to Bloomberg News, half of those cuts are expected to be here in the U.S.
The bank is also expected to eliminate about 15% of the i-banking positions in Asia, Bloomberg reports.
Meanwhile, Fox Business reports that the Dubai office’s equities division will be hit, too.
Layoffs have been hitting a bunch of the big Wall Street banks.
Last summer, Deutsche Bank said it would eliminate 1,900 jobs with 1,500 of those coming from its investment bank.
A few months later, Swiss banking giant UBS said it would cut 10,000 jobs.
Just last month, Citigroup said it would be cutting 11,000 positions globally.
Following Deutsche’s move back in July, bank analyst Meredith Whitney predicted we would see 50,000 layoffs. Whitney recently said that we haven’t even started to see the beginning of those layoffs.