Large Layoffs Loom On Wall Street

Wall Street layoffs
Wall Street layoffs

By Stephen Gandel

Perhaps the only thing more broken than Wall Street's business model is its staffing strategy.

After adding thousands bankers in the past two years, financial firms again appear to be on the verge of cutting that many positions and then some. Consultants and Wall Street recruiters say banks could eliminate nearly 21,000 jobs from their securities divisions in New York alone. Worldwide cuts could be even larger. Recruiters say big banks are in the process of finalizing their downsizing plans, and that layoffs could start soon.