Saturday, April 19, 2008
Financial Sector Layoffs
I don't plan to report every time stock prices fall, or dividends are cut, or there is some shift in policy within otherwise solvent corporations, but cutting 12,400 jobs (this week alone, more in the past, and almost certainly more later) from Citigroup, Merril Lynch, and Wachovia seemed significant enough to mention. The article implies the cuts are directed at highly paid professionals on Wall Street, rather than, say, janitorial staff at local branches, but time will tell. If so, one wonders how long this bear run in Manhattan real estate is going to last.