There’s blood on the Street.
The New York Post reports that in a wild swing of the axe that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up.
And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history.
The fourth quarter saw thousands more workers fired. Total reductions for 2014 were about 20,000 at Brian Moynihan’s Bank of America; 10,000 at Citigroup led by Michael Corbat; and 10,000 at Jamie Dimon’s JP Morgan. Morgan Stanley reports on Tuesday.
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