It was once a privilege, at least from a financial standpoint, to work on Wall St. The job cuts in the financial industry threaten the lucrative jobs of tens of thousands of people around the world who may no longer be able to afford expensive cars and real estate.
Financial-services firms are on track to cut the most jobs in January since the start of 2009 as Europe struggles to emerge from the debt crisis and regulators impose tougher capital rules.
The 16,040 announced and expected reductions in the past three weeks are just short of the 16,389 cuts made in the industry during January 2009 after Lehman Brothers Holdings Inc. collapsed, according to data compiled by Bloomberg. Bankers and consultants expect the cuts to accelerate in coming months even as financial stocks gained 26 percent last year.
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