Merrill Lynch has cut 9000 jobs, the highest amongst the Wall Street firms. Morgan Stanley has cut around 3,800 heads. Although Goldman and CSFB have already reduced headcount, it is believed that a further round of cuts will soon be coming.
The jobs cuts seen in the twelve months to February 2002 are the largest on Wall Street since 1974 at the time of Watergate and a huge oil price surge.
According to the US Department of Labour, there are currently 733,000 jobs in the US securities industry.
Banking Job Cuts Biggest in 25 years
Wall Street has shed 43,300 jobs in the year ending February 2002, which represents the biggest cut for over 25 years. And analysts fear that there may be more to come.
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