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Large Layoffs Loom on Wall Street

Fortune (04/30/12) Stephen Gandel

Wall Street firms have added thousands of jobs over the past two years, but now they are preparing to cut more jobs than they added. Wall Street recruiters say banks could soon cut almost 21,000 jobs from their New York securities divisions. According to Boston Consulting Group, banks are likely to cut 12% of their work force in the short term. However, most of the job losses will be at large firms; smaller firms are still hiring.