Kenneth Moelis, the former head of UBS’ investment bank, said recently that Wall Street firms may have to eliminate has many as 35 percent of jobs as leveraged lending dwindles and the pace of mergers and acquisitions slows. Wall Street banks hit by mortgage losses and writedowns have already cut more than 34,000 jobs over the past nine months, the most since the dot-com boom ended in 2001.
Moelis predicts that some of the largest financial supermarkets may break up as Wall Street shifts its focus from lending money to its clients to providing them with strategic advice. Based on Wall Street’s usual ways, the executive that led their firms into the current disasters will depart with golden parachutes while the back office and other lower level employees will just leave with their pink slip.
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities related litigation and arbitration. The firm also has an active practice in representing individuals in employment disputes with brokerage firms. The firm is currently involved in representing several brokers in such disputes. For further information, please contact www.pageperry.com.