Staggering Wall Street Job Market Takes Another Big Hit

Banks' collapse means loss of 50,000 more jobs
By Matt Cantor,  Newser User
Posted Sep 15, 2008 4:56 AM CDT
Bank of America's purchase of Merrill Lynch undermined one of the cornerstones of Wall Street.   (AP Photo/Brian McDermott)
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(Newser) – A Wall Street job market that’s already hemorrhaged 100,000 jobs this year now must steel for the loss of 50,000 more as Lehman Brothers and Merrill Lynch—two of its four pillars—tumble at once. “The resume flow will start today like there's no tomorrow,” said an executive, noting a blow to “compensation this year, across the Street and all over the world,” Reuters reports.

Some 24,000 will lose their jobs as Bank of America buys Merrill, predicts a recruiter, while the future is cloudy for Lehman’s 26,000 employees. Wall Street is the keystone of New York’s economy, and the troubled firms mean “a lot less money for the state and the federal government,” the recruiter added.