Layoffs are a’coming. Based on research conducted with consultants and Wall Street recruiters, Fortune predicts that 21,000 positions will be eliminated in the upcoming days. This number rivals the layoffs that took place as a result of the financial crisis in 2008.
Stephen Gandel at Fortune suggests that the layoffs come for a combination of deadly factors: banks “didn’t cut enough jobs the last time around”; M&A is down; Moody’s and S&P’s plans to downgrade bond ratings; and of course, impending regulations that will impede big banks’ ability to make money.
What do you think? Why are these layoffs happening now and what does it mean for the future of the big banks?
Thanks for reading, everyone! As always, please contact me with any suggestions or comments at Beth@WallStreetJobMarket.com. Please also note that we are currently seeking new writers at the Wall Street Job Report. Please click here if you are interested in applying.