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Alleged thank you Juliette productive so no more passing of one billion dollars in cost cutting the where will those cuts they may try to -- freedom has exclusive story.
-- that goes on this but if this is you know accurate we think it is we are getting this from people inside America and in people that -- talking to Wall Street executives.
From the you -- -- -- told another Washington is obviously looking for jobs this might be the biggest cost cutting there is so far Wall Street now.
At -- we should point out it's not just the business conditions a Wall Street that's hampering -- but also there was an insider trading scandal this problems with.
The bank -- in Japanese bank so there's a lot of other issues here but this is the most extreme I think so for example of what's going on Wall Street and it's affecting the equities business.
The stock trading banking.
Research which has been hit particularly hard in the current Wall Street profits -- slumps as -- we know.
-- -- executives of fox is that workers learn.
Particularly in the equity business essentially to look for all their jobs in the -- is signaling to these executives.
That they are winding down their equities business we -- point -- -- equities business was built up.
In the aftermath the Lehman -- boy what a -- Lehman they were looking to expand out into the US.
And Amir has been there before as someone who's covered Wall Street between years -- tell you how many times they've gone into the peace because -- -- to get out.
This looks like one of those times -- sets with the -- their executives.
The job cuts we understand obviously focus on equity that means that means trading sales banking research those and a major jobs.
And we we do know that new rear view -- equity executives are flooding the market would resonates we're has no comment -- -- early this morning.
You know we're gonna do this for and I don't -- they didn't deny.
About -- it now obviously what what they've come public with is this whole this whole notion of a restructuring.
That they're gonna take a billion dollars out of the company in cost savings may be a billion dollars in cuts.
And then -- -- a good chunk of this is gonna fall in the US and -- kind of go through the math.
It looks like we're talking I mean this could be 200 people in this in this in this in this equities business we don't know fresh focus you know.
They are not commenting but.
They're people are commenting and are going you know obviously.
Very difficult time if you -- are there any other job there they are compare completely flooding the markets and it's it's -- -- -- -- -- -- -- rate right now.
We're gonna have more later on in India later on today about potential more cuts on Wall Street and major Wall Street firm I don't wanna hold that until -- -- down.
But this is a very difficult time almost tripled and -- -- income and equities.
After a whole lot of -- capital because of Dodd-Frank because deleveraging these firms about taking a lot of risk.
Because a lot of stuff that's going on out there.
And you know getting a job on Wall Street is not what it once was -- and holding it is not what once was we should point out that.
You know when you talk about Tamara yes there's a special situation here but it's across all -- every firm almost treaties re calculating.
Headcount and I'll -- when this goes on and you know we don't know is this a blip on the radar screen like I've seen -- -- so many times in twenty years where.
-- business goes ups and downs depending on the business.
Or is this a secular change based on what's going on and -- -- Dodd-Frank.
And let me say something is something an irony here that that I know a lot of people are reporters don't want to make.
-- Dodd-Frank pushed by extreme big -- extremely liberal senators.
Up to quote unquote progresses -- call themselves they want to hammer Wall Street killed you know put him up against the wall shoot them and make them pay.
And guess what this is doing they're all they're laying off people in New York in Massachusetts in New Jersey.
Hurting did very states that that that are the most progressive quote welfare states out there because.
This is gonna hit the bottom line is important particularly of New York City and New York State going forward.
And and Massachusetts.
And New Jersey in this is if this is secular you know like I -- I I will tell you this.
If Mitt Romney does become president now open question Republicans take the senate I don't think they're gonna repeal Dodd-Frank that's not what I'm getting I'm getting that.
It's going to be like -- -- interpret Dodd-Frank things will be different but if not this could be a secular change of Wall Street and what's happening here in America you -- across the street.
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