Okay, normally I do try to be sympathetic to people who are losing their jobs because of the economy. But I have to admit that right now I'm playing the world's smallest violin after reading this story from Huffington Post Business:
Wall Street keeps shrinking.But...but...but, I thought we were in a rip roaring bull market. How can Wall Street be SHRINKING? Tell me more.
Credit Suisse will begin laying off employees in New York the second week of March, according to a company filing with the New York State Department of Labor and an item on the website Dealbreaker on Friday.
The fresh layoffs at Credit Suisse -– which is Switzerland’s second-largest investment bank behind UBS -- comes amid a broader contraction among Wall Street banks, as top dealmakers at Goldman Sachs begin to make an exit, and as other financial institutions shrink departments (such as proprietary trading) that brought in considerable amounts of money during the boom years.Zero Hedge has been reporting repeatedly how all through this recent amazing market levitation that volume has been at an unprecedented low. I guess these investment banks don't need a huge staff to just borrow money from the central banks at zero percent interest and pump it into the stock market. Turn the volume up on that fiddle for me, will ya?
Bonus: Tell me this scene doesn't resonate even more today than it did 20 years ago. Mr. Pink could have been an investment banker. World's smallest violin, indeed