Wall Street Firms To Cut Additional 15% of Workforce

In a year that has already seen thousands of layoffs on Wall Street, word is that most large firms are planning another round of cuts by year end - some headcount reductions as high as 15 percent of the workforce. The pink slips at Goldman Sachs, amounting to 10-15 percent of the workforce, could be coming as early as this week. Layoffs inside of Merrill Lynch could amount to 10,000. At Morgan Stanley, most of the cuts will likely come from inside the investment bank. Even the relatively strong JPMorgan is considering another round of substantial cuts, reports CNBC's Charlie Gasparino in the following video clip.

In a year that has already seen thousands of layoffs on Wall Street, word is that most large firms are planning another round of cuts by year end. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio