Stealth layoffs hitting Wall Street

It's not paranoia if they're really after you. And so it goes on Wall Street. Financial institutions have announced some 65,000 layoffs since summer, and people are understandably nervous. The New York Times reports that unlike past rounds of massive job cuts, this one is proceeding piecemeal, in a way that often gives employees little notice. At some banks, the article reports, the first clue you've been let go is that your corporate email stops working. This is a terrible way to go about the sordid but necessary business of laying people off. You can bet productivity has crawled to a halt. No one can work while the axe is swinging overhead. Where it lands, no one knows. These aren't job cuts so much as job nicks--lots of them. Hang in there, folks.

For more:
- here's the New York Times article

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