Financial forecaster Meredith Whitney expects Wall Street to see massive layoffs in the coming months. She states that firms will be seeing up to 80,000 job losses, a number that translates to 10% of the current payrolls. She also says that increasing costs coupled with lower revenues will act like a catalyst, hurrying the process of layoffs along. A rough timeline of events that she gives is "dramatically" reduced pay by the year's end followed by a bevy of layoffs in 2011. Given what we learned about Wall Street employees and tall buildings during the Great Depression in history class, we hope that this news doesn't boost these stats.
Wall St. Bracing for Heavy Layoffs
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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