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Layoffs Watch ’13: THE END IS NIGH, SAYS MEREDITH WHITNEY

Get a jump on packing up your belongings, because according to Whitney, 100,000 of you are done here.

The US financial sector is facing an epic round of layoffs that could hit 100,000 workers as the big banks wrestle with a global contraction and a sluggish economic recovery in the US, according to prominent analyst Meredith Whitney. “We are on the precipice of a seismic down-sizing on Wall Street, the likes of which have never occurred before,” Whitney wrote in a recent research note to clients. Whitney estimates that financial firms may have to slash at least 15 percent of their work force over the next 18 months to replace shrinking revenue.

Analyst Sees Big Wall Street Layoffs Ahead [NYP]

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27 Responses to “Layoffs Watch ’13: THE END IS NIGH, SAYS MEREDITH WHITNEY”

  1. the truth says:

    Times are so tough, she's copying and pasting her 2008 notes

  2. mrp says:

    I just hope I'm still around when my DB Koozie arrives in the office

  3. Barry says:

    Winner of the Elaine Garzarelli One Hit Wonder award.

  4. Rihanna's Forehead says:

    She was talking about her own firm…

  5. Gov of Alaska says:

    She has a 100,000 employees? Who knew.

  6. guest says:

    I wish she could downsize her mouth and slash her ass.

  7. Al Czervik says:

    I don't think the heavy stuff is going to come down for some time, Sir.
    – C. Spackler

  8. OpportunityCost says:

    Keep playing that contrarian card, MW. A broken clock is right twice a day, amirite?

  9. Macquarie MD says:

    Macquarie is hiring. MW must be wrong.

  10. tomlind says:

    Sounds like a lot of industry participants here whistling past the grave. What if she's right? Does NY follow Detroit and Chicago down the tubes?

  11. Guesti says:

    If I was the CEO of any buldge bracket I wouldn't fire a single person just to make sure she was wrong

    • Mack says:

      Well, this kind of thinking pretty much assures that you will never be a CEO of anything. A good CEO would layoff 11% of workforce in 9 months (instead of 15% in 18 months) to show how wrong she was.

      – Mack the Knife.

  12. Ashley Dupre says:

    I hope she is right.

    – Waiting to close on a lease in FiDi sometimes in 2014.

  13. Dead_cat says:

    How is 15% a "seismic down-sizing on Wall Street, the likes of which have never occurred before"?

    My institution (and indeed most big banks) tend to fire about 30% as a reflex every time they have a bad dream. It makes CEOs feel safe and comforted.