Wall Street could lose tens of thousands more jobs, insiders say

11/10/2008 | Financial Times (free content)

As financial institutions prepare their budgets for next year, executives and analysts said U.S. groups could slash an additional 70,000 positions. The worldwide financial sector has already lost an estimated 150,000 jobs. "The fourth quarter is going to be very disruptive," said Meredith Whitney, an analyst at Oppenheimer. "For many of the capital markets' intensive players, you're going to have resizing of anywhere from 25 to 30% of their work force. But if you think about it, from the peak, revenues are down more than that."

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