Wall Street layoffs

You are retarded.

Wall Street was flooded by Hurricane Irene and it doesn't exist anymore. Nothing to lay off except Charlton Heston lost in the Chambers Street subway station.

The layoffs seem to be a bit of churn, old employees out in the wrong sectors, and new and younger employees in to the sectors expected to matter going forward.

"UBS Is Laying Off People In Investment Banking Today"

"According to a source inside the firm, Carsten Kengeter, the head of UBS' IB division, sent out a memo this morning to say that this week would be tough and that everyone should stay focused.

Units began layoffs soon after and they will continue today and likely throughout this week, says our source."

http://www.businessinsider.com/ubs-is-laying-off-a-bunch-of-people-in-investment-banking-today-2011-8

From the NY Times. http://www.cnbc.com/id/44313515/page/2/

Banks are also expected to hold the line on bonuses this year. Compensation for traders could fall 15 to 30 percent, while 2011 pay for investment bankers and commercial bankers is expected to be about the same or slightly less than a year ago, according to new projections by Johnson Associates, a compensation advisory firm........

Even as they slim down, banks are applying some of the cost savings to hire new workers and invest in faster-growing parts of their businesses. The biggest source of cost savings, of course, is eliminating jobs, and nationally and in New York the pink slips seem to have picked up in the last few months.

Banks and brokerage firms first started layoffs in the fall of 2006. By the time the financial crisis receded three and a half years later, more than 428,000 financial workers had lost their jobs nationwide — an 11 percent drop in the industry’s work force, according to Moody’s Analytics.

Then, in March 2010, hiring resumed as banks added more than 10,000 workers to cope with new financial regulations and a surge in mortgage foreclosures as well as to prepare for what seemed to be a nascent recovery.

But over the summer, that optimism has faded. Moody’s Analytics now projects the industry will lose about 3,500 jobs by the end of the year, bringing employment back to 2000 levels.