Posted on 12/13/2015 9:56:03 AM PST by SeekAndFind
There's a pall over the financial markets this holiday season, and it has little to do with the shortage of daylight this time of year.
The lifeblood of the street -- bonuses -- will be cut, and if you survive, there's no guarantee of a better 2016.
That's because Wall Street is bracing for merciless job losses that could total 100,000 in the US alone by June.
By this estimate, Wall Street head count in New York City -- some 170,000 today -- could shrink by as much as 17,000, with the downsizing hitting everyone from million-dollar backers to middle-class backoffice workers.
"Everybody was hoping the cost-cutting was over, that the economy would get better, business would get better -- and it hasn't really happened," compensation consultant Alan Johnson told The Post, predicting layoffs and reductions through attrition that could total upward of 10 percent of worldwide employment in financial services next year.
Wall Street watchers point to last week-s bloodletting at Morgan Stanley -- where 1,200 jobs, including more than 450 fixed-income and commodities traders and salespeople, were axed -- as a foreshadowing of early 2016.
Johnson made his bleak jobs forecast on the heels of his widely followed compensation study from Johnson Associates, which makes for glum holiday reading.
(Excerpt) Read more at nypost.com ...
Seven years of the Svengali Obama and the economy still sucks!
But it will result in the election of Trump/Cruz
Kill the markets from medicine to capital formation. Then the oligarchs get the spoils.
The managed shrinking of the economy to fit the debt regime continues. Production on American soil further down, debts further up.
They will go back up once Wall Street know it will be Trump & Cruz in the White House. All that bribe money to the democrats since 2009 can now be invested in companies instead.
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