Layoffs at Wall Street investment firms are likely in the wake of the weekend sale of Bear Stearns to JPMorgan Chase. The company's 14,000 employees have yet to learn their fate but some are already packing their personal belongings.
The bank's employees owned about a third of the company's shares. So losing their jobs may not be as big a blow as losing their retirement savings.
"There are a lot of guys in there who aren't rich any more," one trader told the Financial Times newspaper.
Some analysts told the newspaper that they expect thousands of other jobs to be cut on Wall Street. The turmoil caused by the global credit market problems is spreading to other financial services firms.
Monetary policy changes by the Federal Reserve this week could help stop the erosion. Wall Street cheered the rate cut Tuesday and stock prices rose 420 points.
Opinion
Job cuts on Wall Street
- Opinion
-
-
AA’s decision a blow to Tulsa
The announcement by American Airlines that it will likely lay off almost a third of its Tulsa work force is terrible news. Looking for the bright side, the huge Tulsa maintenance facility will keep almost 70 percent of its employees ...
-
Oklahoma kids rank low
Oklahoma kids continue to rank low in terms of poverty, health, child welfare, early childhood development and hunger....
-
Schools deserve best equipment, teachers
A candidate at a state Senate forum this past week repeated the oft-made comment that Oklahoma has too many school districts. We agree some consolidation is needed, and it’s happening. But the candidate went beyond that and said we don’t ...
-
Thanks from our readers
Oklahoma senators serving on the finance committee wisely killed a bill that would effectively tax newspaper and magazine subscribers. It came up on the session’s first full day of work and was quickly dispatched by a 13-1 vote....
-
Independent group needed
Editor, The Transcript: I wanted to write a letter a long time ago, but Ms. Rogers’ letter claiming that “Chromium levels in the water shouldn’t cause alarm” pushed me over the edge. As an environmental professional in Oklahoma, I have ...
-
Governor, chancellor push higher grad rates
Oklahoma has long had college students who leave campus before finishing their degrees. They leave to take jobs in order to support families, they get behind in studies and don’t see a way out, or they just need a break. Additionally, some ...
-
Quitting should be smokers’ choice
The Jan. 29 editorial “The high cost of tobacco” claimed that tobacco use costs Oklahomans a lot of money, but it did not disclose the fact that tobacco use produces a lot of money for Oklahomans, which — in the interest of being fair — ...
-
A turning point in Oklahoma’s health
The governor’s announcement of a tobacco ban on any state-owned or leased properties may be a turning point in the state’s push for better health. We’re currently ranked 48th in the United Health Foundation rankings. We made some progress, ...
-
It’s cheaper to rebuild
Cleveland County commissioners are weighing what to do with the old jail built in 1983. We hope they don’t forget the need for some type of holding area for prisoners brought to the courthouse by the sheriff’s department....
-
Concern about conflict
There is growing concern worldwide that Israel might launch an attack on Iranian nuclear plants. Is it a bluff, designed to bring about tough economic sanctions, or is this Israel’s way of preparing the world for a major ...
- More Opinion Headlines
-
AA’s decision a blow to Tulsa
