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Layoffs Expected to Decimate Wall Street Ranks

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Sunday, December 07, 2008 5:11:27 PM
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Layoffs Expected to Decimate Wall Street Ranks
The Associated Press
| 07 Dec 2008 | 03:54 PM ET

The U.S. financial services industry is witnessing the bursting of yet another bubble. This time, it's the industry itself.

Bloated by years of frenzied growth, Wall Street banks and other firms are shedding tens of thousands of jobs and slashing entire divisions in their most drastic downsizing since the Great Depression. The moves promise to upend financial services and investment options for Americans from Wall Street to Main Street.

Those layoffs will drain New York and other cities of vital tax dollars while swelling the fast-growing ranks of the nation's unemployed. U.S. employers cut 533,000 jobs in November — the most in 34 years — including 32,000 in the financial-services sector, the government said Friday.

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