Summer proved to be a cruel season on Wall Street. The bloodletting was fierce. But as Breakingviews notes, the picture could get even worse come fall. Historically, job cuts have been mild in the summer, only to be followed by more substantial cuts in the fall if budgets became in tighter than expected. But with severe jobs cuts already made, is there room for more? The answer would seem to be yes. The current malaise may end up rivaling the downturn of 1972-74, when about 17 percent of securities firm employees lost their jobs. In New York City, one in four got cut. We're not at the level yet, but who knows? There could be another leg down in the credit crunch. No one should feel all that safe.  

For more:
- here's the Breakingviews article [1]

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