Wall Street Layoffs Rampant - WSJ

From today’s Wall Street Journal. Read this if you’re considering snapping up a “bargain” Manhattan condo with your stash of strong euros. The Manhattan market has held up amazingly well up to now despite the larger housing problems in the US. Ah well, nothing last forever.

As will all well-located property (location, location, location…)

A fairly strong sign that they don’t see things picking up any time soon.

Are IFSC people going to start getting laid off soon?

Their will definitely be some lay offs in the next few months.

There have been layoffs already, but mostly in the non-domestic operations, German banks especially from what I’ve heard.

IL&P just laid off 50 out of 250 in their UK mortgage operation, I can’t imagine their Irish business is swamped either.

And you have to wonder what all those securitisation and SIV-type people are up to these days.

There goes ireland so :slight_smile:

Seriously though, those in the market in manhattan are not likely to need this months salary to make the mortgage payment, and even if they lose their job, where do they think the next one is going to be?

On the other hand, a significant long-term downturn in the finance sector in NY will most definitely affect property prices there.

So some of the financial wunderkinds responsible for the housing bubble will be out on their arse eh?

Well, the words “Fuck them” certainly spring to mind. :angry: