Massive layoffs coming to Wall Street (VIDEO)Submitted by emalvini on Thu, 09/20/2012 - 08:59
Massive layoffs coming to Wall Street (VIDEO)
The Huffington Post | By Bonnie Kavoussi Posted: 07/31/2012 12:56 pm Updated: 07/31/2012 1:08 pm
The Wall Street firing spree is only half over, if you believe "prophet" analyst Meredith Whitney.
The banking industry is going to slash "another 50,000" jobs, Whitney, founder and CEO of the investment research firm Meredith Whitney Advisory Group, told Bloomberg TV Tuesday, adding that the banks "are really midway through firing."
And with so many out of a job already, the boost in layoffs could be bad news for those ex-Wall Streeters looking for work, Whitney said.
"The problem to date has been those that have been laid off have been sitting on their couches because they don't want to take a downgrade in pay, and they are not going back to work, and the longer you are out of work, the longer, the more difficult it is to get a new job," Whitney said.