Filed under: Citigroup Inc. (C), Bear Stearns Cos (BSC), Blackstone Group L.P (BX), Recession
There’s anxiety across New York City, as the financial system convulses.
According to eFinancialCareers.com, there has been a flood of resumes to the email boxes of headhunters. Of course, a big chunk is coming from the employees of Bear Stearns Cos. (NYSE: BSC). In fact, the rumors are that as many as 7,000 employees may get pink slips.
But here are some other recent announcements:
o. Citigroup (NYSE: C) plans to layoff 2,000 employees from the trading and investment banking segments. The cuts will also include senior-level people.
o. UBS (NYSE: UBS) may slash as many as 8,000 positions.
Actually, so far this year, the job losses for the financial sector have come to about 22,000. And as seen from the recent announcements, it looks like things will continue to get worse.
Continue reading Wall Street - the next “Rust Belt”?
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