NYC expects big job losses

Just how painful will the crisis get? New York City estimates that job losses in the financial sector will top 20,000 by the end of 2009. In 2008, the city's budget planners expect about 12,000 jobs will be cut. The question now is whether you will be among the ranks of the let-go. It can be a particularly trying experience, as you might have to switch career tracks or accept much less money in this sort of environment. Such is the nature of busts. Hopefully you've built up the kind of internal good will that can serve you well in these times. You need every advantage. In limbo now: Recent grads who accepted offers from top banks. You have to feel for those headed to Bear Stearns.  

For more:
- here's an article from Financial News Online
- here's an article from Fortune on recent grads

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