One in Three Wall St Bankers to be Axed
Apr 10th, 2008 | By Contrarian Profits | Category: Featured, Financial News, Politics & EconomicsWall Street firms may have to eliminate as much as 35% of employees, reports Bloomberg.
The culprit? The end of the boom in leveraged lending and the dwindling pace of mergers and acquisitions.
Wall Street has already axed more than 34,000 jobs since the credit crisis kicked off last July, the most jobs lost on the Street since the dot-com bubble popped in 2001.