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Wall St / Layoffs continue

Wall Street may seem like its old self again.

Financial giants including Goldman Sachs Group Inc. raked in mega profits in 2012. Bonuses are expected to fatten more Wall Streeters’ pockets than last year. The Dow Jones industrial average has been flirting with an all-time high after topping 14,000 for the first time in half a decade.

But droves of recent layoffs tell a different story. Indeed, analysts see a Wall Street that has shrunk in the four years since the financial crisis in part because of new regulations aimed at making the financial sector safer.

“We’re definitely seeing the shrinkage of the industry,” said Frederick Cannon, director of research at the investment bank Keefe, Bruyette & Woods in New York.

As Wall Street adjusts, thousands of highly paid employees are getting pink slips. As of Tuesday, financial firms globally had announced 114,708 layoffs over the last year, or 1.6% of their combined workforces, according to data provided by Bloomberg.

Chosen excerpts by Job Market Monitor from

latimes

via Layoffs continue as Wall St. retools – latimes.com.

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