I was reading an article in the WSJ titled " Wall Street Layoffs: Meredith Whitney's Case for a Bloodbath". When I came across this paragraph it didnt make me feel warm and fuzzy considering I was wanting to break into the industry upon graduation. What are the thoughts from those in the industry regarding her prediction?
"Layoffs are coming. Layoffs are coming. Forget those high-profile hires , such as CIT Group's former CEO Jeff Peak landing at Barclays or American International Group's former chief Martin Sullivan going to the Willis Group, the legions of lower level traders, analysts and salespeople may be in for a rude awakening. Whitney expects lay offs of 40,000 to 50,000, or 5% to 10% of the U.S. securities industry."