For Wall Street Workers, Ax Falls Quietly

This is an excerpt from a New York Times story published May 16, 2008. Click on the link to read the entire article:

“People on Wall Street seem to be vanishing overnight.

JoAnne Kennedy was laid off by JPMorgan Chase while she was recovering from surgery.

Thousands are losing their jobs as hard-pressed banks cut deep. But while layoffs are nothing new in the financial industry (they come with almost every downturn), this round seems different: it is eerily quiet.

So quiet, in fact, that people refer to these cuts as stealth layoffs. Some bosses hardly say a word after people are fired. At Citigroup, Goldman Sachs and Morgan Stanley, for example, the first clue that someone is gone can be e-mail messages that are returned to senders from a former colleague’s inactivated corporate address.

While the financial markets have found a bit of a footing lately, banks are pushing ahead with plans for some of the deepest job reductions in years. Since last summer, banks worldwide have announced plans to cut 65,000 employees. …”

Tags: Citigroup, Goldman Sachs, Morgan Stanley, stealth layoffs

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