According to a report by CNBC.com, the British newspaper Financial Times has written that US financial services firms could layoff another 70,000 workers to cut costs. Layoff plans will be finalized this month as firms prepare next year’s budgets.
Financial Times based the estimate of 70,000 job losses on opinions of “executives and analysts.” About 150,000 financial services jobs have already been lost worldwide. The paper said that investment banks and trading business would be the hardest hit.
Since Labor Day, the US has lost more than 500,000 jobs and that number will continue to rise. In October 2004, the jobless rate his 6.5 %, its highest level since 1994. It does not look like there will be a happy holiday for many on Wall Street.
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