If you think things are bad now, just wait - they may be about to get worse.
The New York Post reports that the US financial sector is facing an epic round of layoffs that could hit 100,000 workers as the big banks wrestle with a global contraction and a sluggish economic recovery in the US, according to prominent analyst Meredith Whitney.
Whitney estimates that financial firms may have to slash at least 15% of their work force over the next 18 months to replace shrinking revenue.
Despite multiple rounds of layoffs, financial jobs in the US are down only about 4.3%, or 37,000, from peak levels, according to US Bureau of Labor Statistics.
Indeed, from peak to trough, employment in the securities industry declined 8.8%, or 76,400 employees.
'Wall Street as we know it isn’t coming back', Whitney told The Post.
Whitney, who made several prescient calls leading up the financial crisis, contends that US banks have become addicted to the housing market and peddling mortgage securities.
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