SEC To Financial Firms: Cut Costs At Your Peril

Law360, New York (January 21, 2009, 12:00 AM EST) -- The financial industry is in turmoil. In 2008, financial pressures of enormous magnitude forced seismic changes in the industry.

Street stalwarts such as Merrill Lynch, Bear Stearns and Wachovia have consented to acquisitions, and Lehman Brothers filed for bankruptcy protection.

Citigroup, Goldman Sachs and Morgan Stanley suffered massive reductions in their market capitalizations. Hedge and mutual funds experienced unprecedented withdrawals and redemption requests.

The financial industry suffered the loss of approximately 130,000 industry jobs, and this number is likely to increase as year end totals are...
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