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Citigroup, Lehman Brothers and Bank of America, as has been reported previously in this blog, have been hit the hardest thus far. Combined, the three firms have eliminated more than 14,000 employees. Some insiders say this is only the beginning.
Bloomberg quotes Jo Bennett, a partner at executive search firm Battalia Winston International in New York, as saying, "This crisis is much worse than 2001 and we don't know how long it's going to last." Bennett estimates that cuts "could be more than 100,000 in a few years."
However, others believe that the latest round layoffs won't reach those levels. According to Gustavo Dolfino, president of New York-based executive search firm Whiterock Group LLC, instead of laying off employees, some banks have been "moving lower-ranked staff from the U.S. to Asia, where they need more hands."
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