Wall Street Braces For Layoffs, Employment Litigation

Law360, New York (September 15, 2008, 12:00 AM EDT) -- In the wake of Lehman Brothers Holdings Inc.'s bankruptcy filing and the acquisition of Merrill Lynch & Co. by Bank of America Corp., Wall Street is bracing for massive layoffs, which will add to the heap of financial services professionals already looking for work.

So far this year, the financial services industry has already cut nearly 103,000 jobs, according to a report released Monday by executive placement firm Challenger Gray & Christmas Inc.

And “a year-end spike in financial cuts ignited by the latest action could...
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