Wall Street braces for layoffs as trading slows

[OhioChick]

Source: MarketWatch

June 10, 2011, 2:27 p.m. EDT

NEW YORK (MarketWatch) -- Lower U.S. equities trading volume and falling stock prices are hitting Wall Street's equity trading desks, prompting talk among traders in recent weeks about layoffs later this year if the situation doesn't improve.

At an industry conference in New York on Thursday, Stifel Financial Corp. /quotes/zigman/242086/quotes/nls/sf SF -2.93% Chairman and Chief Executive Ronald Kruszewski warned investors the firm has "seen a deceleration across almost all of our businesses" in the second quarter.

Generally speaking, he added, given the challenging environment, Wall Street's big banks "will retrench."

Anecdotal evidence of a slowdown is mounting. Recruiters report they are getting less interest from banks who were once bulking up in areas like institutional equity sales and trading and are instead reassessing their headcounts and not filling open positions.




Read more: http://www.marketwatch.com/story/wall-street-braces-for-layoffs-as-trading-slows-2011-06-10

[Tuesday Afternoon]

1. anybody need some slightly used ties and brooks brothers suits?

[Harmony Blue]

2. First they came for the wage workers, then the union workers

now the traders. Everyone on the ladder will be knocked off by the top 2%.... sad really as the top 2% probably don't consider themselves American anymore.

[barbiegeek]

3. I think they are Bahama's or Cayman citizens now to hide $$

[wordpix]

26. no, all you need is a business mail box # to do the tax haven ripoff as per Mitt Romney

That's all he had and it was all legal. I think Wall St. wrote the regs.

[Jackpine Radical]

13. I think this is the top 0.1%

coming after the bottom rungs of the top 2%.

I think I'm going to go somewhere and weep for them.

[Donnachaidh]

4. So perhaps this is why Boehner just tweeted he'd be golfing with POTUS and VP on the 18th?

He just tweeted this, btw.

Now that Wall Street is acting shaky we'll have some movement :sarcasm:

[Roy Rolling]

5. Job Creators

So what happens when the "job creators" get laid off?

[Hubert Flottz]

6. They couldn't steal enough at the gas pump so now they will tap

everyone's pension and 401K.

Somebody has to pay those CEOs Banksters and Speculators. It might as well be the working stiff that gets stiffed again.

[midnight]

7. I suppose they will be lining up for another bailout.

[DreamSmoker]

8. 401K?????

Does this mean we should start worrying about another huge hit on all those 401Ks in America???
Its taken over two and an half years for mine to get close back to where it was..
How about that for security for my old age retirement...

[InkAddict]

9. "The tally of bonuses shall not be diminished -

So let it be written; so let it be done" -

Pretty soon they'll have to place their own barking floor orders - can be get voice prints to reconstruct their conversations?

[Fuddnik]

10. But, the good news is BIGGER BONUSES for the top dogs!

[ChromeFoundry]

18. Exactly...

Sorry, but this kinda sounds like...

"Parents smother their own child to buy big-screen TV with money saved on diapers"

[Leontius]

11. Am I supposed to feel sorry for them

somehow I just don't. They're the ones who have been helping the rest of us get screwed big time. I guess I'm just a callous jerk but I really don't care.

[customerserviceguy]

16. Yes, that was my reaction, too

But the big bonuses back in the heyday of screwing us big time were part of the NY state and city tax base. You can trace the teacher layoffs happening in both jurisdictions to the loss of tax revenue from that source.

No, it was not right that they fleeced us. But they're not going down alone, unfortunately.

[hack89]

19. This means less money for New York city

which means more school and social services cuts. New York lives and dies by taxing Wall Street incomes.

[wordpix]

25. NYC should get smart and get busy charging those who ripped off investors

Where is Spitzer when you need him?

[hack89]

27. Still wouldn't increase NY tax revenue. nt

[barbtries]

12. oh.

bummer.

[Turbineguy]

14. There was something today

about high frequency trading moving to foreign exchanges. That would make Wall Street safer for real investors.

[dipsydoodle]

15. That's ok then

.

[larwdem]

17. good

don't let the door hit you ware the good lord split you!:rofl: fuck um.

[hack89]

20. Fewer incomes to tax - not good for the city or state. nt

[marasinghe]

21. time to float a hedge fund on yourselves, wizards of WS.

well, i guess, there's always the White House.

[bemildred]

22. Right.

:sarcasm:

[Nihil]

23. Good.

About time that some of them learned to FOAD.

:toast: :party:

[wordpix]

24. anyone with money & sense won't invest in the Wall St. bankster ops

These guys have proven time and again they're not to be trusted.

[plumbob]

28. Am I supposed to in some way feel sad about this?

I don't buy the lower tax revenue thing, either. Thieves who rip people for a living file their taxes accurately? really?


I suspect the real deal is similar to what we have in Texas, when we simply told most businesses they don't have to pay any taxes after 2006. That worked out well.