New York Feels the Crunch (BusinessWeek Online)
BusinessWeek Online - It’s ugly on Wall Street. With the subprime mortgage meltdown, credit crunch, and falling stock market, investment bankers are facing the worst job losses since the months following September 11. In the wake of its near collapse last week, Bear Stearns is expected to lay off at least half of its 14,000 employees. Citigroup said on Mar. 20 that it plans to add 2,000 layoffs to the 4,200 it announced in January. And many bankers are wondering not only which firms will be hit next, but whether their own jobs are safe.