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Layoffs for Finance Professionals Increased in December

Layoffs for Finance Professionals Increased in December

With many bank's choosing to restructure and eliminate segments of their business, a new report indicates the number of professionals laid off from their finance jobs grew substantially in December.

According to the

With many bank's choosing to restructure and eliminate segments of their business, a new report indicates the number of professionals laid off from their finance jobs grew substantially in December.

According to the report, which was conducted by outplacement company Challenger, Gray & Christmas, brokerages, banks and other financial services firms announced intentions to slash 7,433 finance jobs in December, a significant increase over the 1,681 in November.

FINS reports the December numbers were headlined by Morgan Stanley's decision to cut 1,600 positions and the departure of a number of Goldman Sachs partners.

John Challenger, the CEO of the outplacement company, said in a statement that he is concerned the trend could continue in 2012.

"The economic troubles in Europe will continue to be a cloud hanging over Wall Street in 2012," Challenger said. "While temporary fixes have been put in place for the time being, there is still heavy risk of a collapse, which would ripple quickly through the banking system."

The report was unveiled as another financial institution, the Royal Bank of Scotland, is expected to announce thousands of job cuts next week, according to reports.

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