For the most part, the headlines have been horrible when it comes to jobs and the banking business. Last month, the industry axed more than 26,000 employees (Challenger, Gray & Christmas), according to CNNmoney.com. So far this year, 107,758 jobs in the financial industry have been lost, threatening the record of 116,515 mark set in 2001. Lehman, Merrill Lynch, Countrywide--all the big names--have been making the cuts. But the real fear is that banks will start paring from non-mortgage jobs. There is lots of fear in the bond market and up and down the manufacturing line when it comes to structured products. Of course the real fear is that banks will use the moment to pare people who they deem under-performers. Not to make anyone paranoid or anything.  

For more:
- here's the CNNmoney.com article