Wall Street bankers are bracing for another round of job cuts as a downturn in the global economy cuts into earnings from dealmaking, capital raising and lending…
“If things don’t get better, then I would expect staffing levels to come down for sure,” said Alan Johnson, chief executive of Wall Street compensation consulting firm Johnson Associates, who estimated that banks may cut another 5 percent of their workforce by year’s end.
“When banks do that reassessment, it will go beyond just the short-term economics. They’ll be asking, ‘Where is the global economy going? And is there going to be a recovery, or more of a struggle than a recovery?’”
Reuters / June 5, 2012