The year 2012 is just around the corner but some don't think it's going to get better on Wall Street.
Bank analyst Dick Bove of Rochdale Securities said in a note to clients that banks will see another 150,000 layoffs next year. To be clear, those are in addition to the 200,000 that went down in 2011. Yikes.
Government regulation and plummeting share prices will be responsible for the layoffs, Bove said. He also warned that the layoffs wouldn't affect big banks exclusively; smaller ones, he says, will "hurt far more than the large ones" because of government restrictions on balance sheet size, among other things.
The industry will face further rules in 2012 that will "increase the cost of financial services and reduce the industry's revenues," thereby also shrinking the number of Wall Street workers.
Asian Expectations (WSJ)
Europe's debt crisis is spreading quickly and other continents are feeling the burn. Banks in Asia are expected to cut 20% of their staff in January, and many of the remaining lot won't get a bonus this year.
Saved by the Bell (American Banker)
Congress got its act together and passed a spending bill so agencies don't have to shut down. More importantly, the CFTC won't have to fire anyone because it was able to reallocate $10 million from the tech budget to salaries and expenses.
Declining Credit (DealBook)
Credit Suisse is doubling down on its support staff. The firm is combining the back-office functions for its investment and private banking divisions so as to save on costs. In related news, it announced plans to let go roughly 50 employees in the New York office.
Personal Accountability (SEC)
Here's where the U.S. Securities and Exchange Commission stops being polite and starts getting real. The agency is charging six former bigwigs at Fannie Mae and Freddie Mac with securities fraud. The agency believes they misled the government and public about how much subprime exposure they had.
Sorrows at Soros (Reuters)
Layoffs have been going down at Soros Fund Management, the investment fund of billionaire marijuana-enthusiast George Soros. Stock analysts have been laid off as new Chief Investment Officer Scott Bessent reshapes the company.
How to Network (AOL Jobs)
Networking isn't just about hoping to run into someone who might be able to hire you one day. It's about being able to strike up a conversation with anyone about where you want to go in your career and how you might be able to help the other person do the same thing.
Getting Back on the Ramp (The Juggle)
A new study finds that working mothers are happier and healthier than stay-at-home mothers. You don't have to rush back to work right away, but once you do your stress will (somehow) be reduced.
Buzz Around the Office
When interviews go all wrong.
List of the Day: Things to Stop Doing in 2012
Or you could start now if you're feeling ambitious.
1. Don't feel the need to respond to EVERY email right away.
2. Don't take on projects or extra work that aren't worth it.
3. Give up mindless traditions if they're not helping you get ahead.
(Source: Harvard Business Review)