Downsized Wall Street licks its wounds More uncertainty, fewer jobs,

Discussion in 'Stock Market' started by hvactec, Jun 25, 2012.

  1. hvactec
    Offline

    hvactec VIP Member

    Joined:
    Jan 17, 2010
    Messages:
    1,315
    Thanks Received:
    106
    Trophy Points:
    83
    Location:
    New Jersey
    Ratings:
    +132
    but still the brass ring for some
    6/25/12

    NEW YORK (MarketWatch) — When it comes to careers, Wall Street has gone from a shining temple of opportunity to a bunker.

    Behind the transformation lie years of risk-bundling, synthetic investment vehicles and other byzantine, unsustainable profit schemes. When they ultimately blew up, they threw the economy into recession and, like a financial Frankenstein, destroyed many of their own creators’ livelihoods.

    Between January 2008 and January 2010, the finance sector in New York lost 46,500 jobs, the bulk of them in the securities industry.

    Goldman Sachs Group Inc. GS -2.33% , Morgan Stanley MS -4.74% and Credit Suisse Group AG CS -3.72% are just a few of the big investment banks who are reportedly cutting staff this year. Analysts warn more cuts are likely if markets continue to deteriorate.

    Read more Downsized Wall Street licks its wounds - MarketWatch

    OK I had my 4 days off going back over the road. in my Freightliner. will be back in 4 to 6 weeks..
     
  2. iamwhatiseem
    Offline

    iamwhatiseem Gold Member

    Joined:
    Aug 19, 2010
    Messages:
    14,817
    Thanks Received:
    3,114
    Trophy Points:
    260
    Location:
    Virginia
    Ratings:
    +6,097
    And yet - Wall Street had two record profit years (2009 and 2010).
    Bonuses paid to some of the Wall Street banks in 2009 was at the highest percentage level ever recorded.
    Go figure.
     

Share This Page