'From January through May, the (Wall Street) financial sector cut 11,413 jobs'

these aszholes usually know before anyone else........from the atlantic........

"Although they probably won't garner a lot of sympathy from most Americans, bankers are being laid off in higher numbers this year. From January through May, the financial sector cut 11,413 jobs. That's a 21% increase over last year's tally of 9,431 over the same period, according to outplacement company Challenger, Gray & Christmas, Inc. Should this concern us?

While many Americans won't be all that sad to hear about Wall Street layoffs, they should be. Often, financial sector layoffs foreshadow broader layoffs in the economy, for reasons explained here. So if these cuts are occurring because firms' expect weaker profits -- or losses -- going forward due to the economy slowing down, then these layoffs are a very worrying indicator.

But that's not the only possible reason for more layoffs. Challenger, Gray & Christmas provides a couple of other possibilities. One could be the new financial regulation. Some new rules are beginning to take effect. If they cut into profits, then banks will slash jobs".............LINK