It's never good to see anyone lose their job but really, Wall Street needs to feel a lot more of the pain that they caused the rest of the country. It's unrealistic for Wall Street to expected pre-crisis profits and really, the rest of the country should not even tolerate seeing those profits. We all know they were false so more of the same is not what we need. NY Times:
Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.
The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act.
