On Wall Street, few places to hide as jobs axe hovers

(Reuters) - Wall Street bankers are bracing for another round of job cuts as a downturn in the global economy cuts into earnings from dealmaking, capital raising and lending.

 

Investors, consultants and analysts say that the big banks are just not bringing in the revenue needed to keep their workforces at current levels, especially given the cost of complying with new regulations.

 

The share prices of the big American banks, which are mostly trading below book value, tell the tale. And bank earnings for the second quarter, most of them to be reported next month, are expected to underscore the gloom. Many on Wall Street say pink slips are likely to follow.

 

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