Massive Layoffs To Come–Editor’s Notes, April 30, 2012

by Beth Connolly on April 30, 2012

Layoffs are a’coming. Based on research conducted with consultants and Wall Street recruiters, Fortune predicts that 21,000 positions will be eliminated in the upcoming days. This number rivals the layoffs that took place as a result of the financial crisis in 2008.

Why now?

Stephen Gandel at Fortune suggests that the layoffs come for a combination of deadly factors: banks “didn’t cut enough jobs the last time around”; M&A is down; Moody’s and S&P’s plans to downgrade bond ratings; and of course, impending regulations that will impede big banks’ ability to make money.

What do you think? Why are these layoffs happening now and what does it mean for the future of the big banks?

Thanks for reading, everyone! As always, please contact me with any suggestions or comments at Beth@WallStreetJobMarket.com. Please also note that we are currently seeking new writers at the Wall Street Job Report. Please click here if you are interested in applying.

Your Editor,

Beth Connolly

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3 comments

I have been laid off since November 2011 from the MF Global Bankruptcy before that it was Bear Stearns.All the new layoffs will cause more people to be unemployed like myself and even more competive to find a job with millions. How does that look to a College or High School student trying to help himself in the Land of Hope and Dreams? How do you stay positive?You tell me what you think about this.

Regards,
Matt Houser

by Matt Houser on April 30, 2012 at 6:45 pm. Reply #

I was laid off for almost 3 years since 2008. I have an MBA and am bilingual. It was not easy finding work as there were more layoffs than hiring and the bottom line is ” it’s who you know.” I was able to find work at a warehouse unloading 75 lb. boxes from an 18 wheeler. It was not easy but as long as I was earning a check to pay the necessary bills and a roof over my head then that is what counted. After two months I was able to get work at a local supermarket as an on-line shopper until a few months later I was able to find the job I am currently in which is now a year. In the midst of my job searching I did come across a group meeting called Unemployed Optimist Meeting which took place in New Jersey. It has helped me realize I was not the only one. Don’t lose hope…keep the faith.

by JJ on May 1, 2012 at 8:32 pm. Reply #

[...] – All the Wall Street workers who could be potentially losing their jobs in upcoming layoffs. Fortune says that according to its research, there are a variety of reasons for these upcoming job losses, [...]

by Wall Street Winners and Losers for the Week of May 4, 2012 | The Wall Street Job Report on May 4, 2012 at 4:21 pm. Reply #

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