Wall Street is “Done” Layoffs to Surge Past 200,000

by StockJockey

Thursday, October 23, 2008 - 5:14 pm

Today we have good news and bad news for you. The good news is that more than half the layoffs have hit the Street.

The bad news is there are 90,000 to go....

Traders and investment bankers might have more to worry about than dwindling bonus pools this year as mass firings on Wall Street are set to hit a record.

The fallout from this year's global credit crisis has claimed jobs on all corners of Wall Street, from hedge fund managers to floor traders and beyond. More than 110,000 have lost their jobs so far this year, and some industry experts forecast it could come close to 200,000 before the year is over.

"Wall Street the way we know it is frankly gone," said Dr. Michael Williams, dean of the graduate school of business at Touro College in New York. "This was inevitable because there's just not enough money out there to support the huge staffs these banks and investment banks had before." LA Times

Touro College? What is Touro College? Two decades in NYC and I have never heard of Touro College. Can their football team beat the team from the University of Phoenix?

Sure, shooting the messenger is not fair. But if you want to read about what John Challenger of Challenger, Gray & Christmas has to say about bonus season click on the link below.

Wall Street layoffs could surge past 200,000
LA Times

Comments:

Touro has got to be related to the alleged degree mill law school that was just in the news. if so, why quote this dumbass?

Posted by on 10/23/2008 at 07:39 PM

Rocky,

That is what I figured..but it is a great little school apparently, no football team but an example of what makes this country great...dunno how I never heard of it.

An overwhelming crowd of 1,400 rabbinic and community leadership, alumni, friends, faculty and staff of Touro College gathered at the Sheraton New York Hotel & Towers in Manhattan Sunday night to honor Dr. Bernard Lander, Touro’s founder and president, and Dr. Mark and Anna Ruth Hasten of Indianapolis.

Dr. Lander explained that he founded Touro College at the age of 55 because he believed that a new educational institution was needed to educate the Jewish and general populations. “One should live a long life, but a life of meaning, purpose and creativity. This is the purpose of life and the purpose of Touro,” President Lander told the filled ballroom, concluding his remarks to a standing ovation.

http://www.touro.edu/

there you have it...congrats Dr. Lander.

Posted by on 10/23/2008 at 10:46 PM