Not too long ago, the buzz on Wall Street was about a coming hiring wave. But then came some really disappointing earnings in the second quarter, as FICC profits soured. The third quarter isn't looking much better, and all of a sudden people are talking about pink slips again. Meredith Whitney really got a lot of media coverage for her view that about 80,000 jobs could be cut over the next 18 months.

As if on cue, Bank of America (NYSE: BAC) told FOX Business it intends to pare jobs in the capital markets group. As much as 5 percent of staffers will be cut in some hard-hit units. You would have to think that the brunt of these cuts will be borne by sales and trading staff.

Bankers may fare a little better as many expect a pick up in deals over the second half of the year. In London, for example, banks seem to be in hiring mode when it comes to bankers.

"People inside Bank of America are grousing that (Tom) Montag (head of the capital markets) is cutting staff now so as to deprive the unlucky employees year-end bonuses," reports FOX Business. People always say that when layoffs loom at this time of the year. We'll have to wait and see if this unleashes a flood of similar activity.

For more:
- here's the article

Related Articles:
Frenzy to hire bankers in London?
Is the hiring boom already over?
Morgan Stanley Smith Barney to cut jobs, close offices
Big hiring boom to detonate on Wall Street?