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.
