Well, FINS reports that Richard Stein, a partner at US executive search firm Caldwell Partners, believes that up to 80,000 jobs may go in this coming round of cuts. 'It's happening now, across the board', Stein says, 'This is kind of like the beginning of a tsunami. You don't get it in one go - it comes in sort of short shock-waves. It started with Goldman, moved to UBS and Credit Suisse'. And Stein believes Bank of America is next, although in truth it's just as likely to be any other firm.
Stein's thoughts echo those of Wall Street analyst Meredith Whitney, who predicted that 80,000 financial markets would go in the 18 months from September, 2010. And, as we have reported before, as Wall Street goes through structural changes, many of these jobs are unlikely to come back.
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