Two million jobs can be eliminated in the financial services industry in the next six months – Lehman takes the lead with 1500 layoffs
Pamela Jones
Mar. 10, 2008

The financial meltdown has started exerting severe pressures on the job market and employment outlook. The underwriters of mortgage-backed bonds, are planning to eliminate millions of its workforce to cope with the slowing economy.

Close to two million well paid jobs will be eliminated in the financial services industry in the next several months this year.

Bear Sterns will eliminate a large portion of their workforce. Lehman Brothers Holdings Inc., the largest underwriter of mortgage-backed bonds, is eliminating 5 percent of its workforce – more than 1500 well paid jobs. They already eliminated almost 3,900 positions in a series of steps following the collapse of the U.S. subprime mortgage markets last year.

Wall Street firms have eliminated more than 30,000 employees in the last seven months. The layoffs are accelerating and will see a blow off in job cuts over the next several months.

Two million jobs can be eliminated in the financial services industry in the next six months – Lehman takes the lead with 1500 layoffs
Pamela Jones
Wall Street firms have eliminated more than 30,000 employees in the last seven months. The layoffs are accelerating and will see a blow off in job cuts over the next several months.
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