As the crunch rolls along, it's clear that there's going to be a lot more layoffs on Wall Street. The bonus season in most places will be gloomy but not a downright disaster thanks to good results in the first two quarters. The overall forecast is for bonuses in aggregate to be just 10 percent lower than last year's record $30 billion ($136,000 per employee). The threat of layoffs right now is real. Some estimate that the lingering crunch will lead to job cuts of up to 20 percent of the industry total in the NYC area, according to the New York Sun. That's in line with the most recent industry recession back in the late 1980s. So it pays to have your resume polished up. And make sure your in-house supporters know you're still working like a horse. The first to go will be the iffy performers (you know who you are). Good luck.  

For more:
- here's the New York Sun article [1]
- here's a CNNmoney.com article [2]