Tuesday, June 24, 2008

IBs in trouble - more layoffs to come?

Bloomberg is out with a report that casts the doom back to investment banks. Here are two quotes from insiders:
"For financial services this is about as bad as I can remember,'' John Challenger, chief executive officer of Chicago- based outplacement firm Challenger, Gray & Christmas Inc., said in a phone interview. "The deal flow is not there. You just don't need as many people.''

"The worst is yet to come,'' Russ Gerson, head of New York- based recruiting firm Gerson Group, said yesterday in an interview. "We are going to have a major contraction. This is affecting all areas of the investment banking universe and it's affecting all areas globally.''

source: Financial Firms May Make Deeper Cuts, Eliminate 175,000 Jobs

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