Layoffs coming soon to Wall Street

Not too long ago, people were giddy about a resurgence in hiring on Wall Street. The good times seemed ready to roll. But then the economy faltered again, and top banks are finding it hard to regain their footing.

Now analyst Meredith Whitney has predicted that layoffs will litter Wall Street in 2011, as banks are again forced to downsize. "Over the next 18 months, Wall Street will go through yet another iteration of resizing not seen since the post-dotcom era," she told clients, as noted by the New York Post.

Wall Street will also suffer "dramatically" reduced bonuses at the end of this year, and up to 80,000 workers may be displaced, she wrote.

The title of Whitney's latest report is "Coal in Stockings and Pink Slips for New Year's." This is not shocking. The world economy--notably the European economy--is simply not accommodating growth right now.

For more:
- here's the article

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