In the News (from MarketWatch): “Are investment bankers and traders facing near-extinction very soon?
“Yes, according to analyst Meredith Whitney.
“‘We are on the precipice of a seismic downsizing on Wall Street, the likes of which have never occurred before,’ said Whitney in a recent research note to clients, acquired by the New York Post.
“Whitney says the financial sector is set to see layoffs of up to 100,000 or as much as 15% of the work force in the next 18 months, as banks contract and muddle through a sluggish economy.
My Comments: When it becomes clear that employees no longer bring profit, they are laid off. This suggests that the crisis enters its decisive phase—the collapse of the financial sector—and no one can stop it. I am not gloating, but I warned about this 5-6 years ago in this blog. I advise you to look up the further forecasts in this blog.