Occupy Wall Street protesters have a little reason to celebrate today as a new report from the New York state comptroller warns that 10,000 securities industry jobs will be shed on Wall Street before the end of 2012.
News of the layoffs shouldn’t come as a surprise with the securities industry already cutting 4,100 jobs since April while various other jobs have been announced for the chopping block.
Bank of America could be responsible for a big chunk of the expected layoffs after the company’s “New BAC” program announced plans for 30,000 layoffs although they have not directly tied a certain number of those firings to the securities industry in New York City.
Also cutting jobs are Barclays and Credit Suisse Group while Goldman Sachs plans to eliminate 1,000 jobs.
According to the head of the New York business group:
“The banks I talk to are talking about significantly reduced compensation … and layoffs and downsizing,” while adding, “There’s going to be a real impact on the New York City economy.”
Do you believe 10,000 layoffs on Wall Street will have any type of significant difference on the way things are done? Given the high bonus levels and lack of regulation I’m going to say it will have no difference at all.
