Business Week Online says 2007 already is the worst year ever for financial-services industry job cuts. So far, the broad finance industry has slashed 130,000 job cuts. That compares with 50,000 cuts in 2006 and 116,000 cuts for 2001, the previous record year (Challenger, Gray & Christmas). As you know, most of these cuts have been clustered in the mortgage arena, and often form the financial centers. The losses for top banks have been more muted, despite some big losses by the likes of Citigroup and presumably Merrill Lynch. The biggest cut was at UBS, which will axe 1,500 jobs. At other banks, the cuts have been minor. Morgan Stanley's total so far is only 300. The big boys often take the opportunity to get rid of the chaff. Of course, the pain will likely linger into the 4Q. This may not be the end of it. And bonus season will not have the same feel this year.  

For more:
- here's the Business Week Online article

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Read more on: Financial job market