How far will Wall Street job losses go?
History suggests firing seasons take time to build momentum
It is easy now to point to phenomena that were features of the zero-interest-rate age. Ape jpegs selling for millions of dollars; algorithms pricing and buying homes; 20-something tech workers making “day in the life” TikToks that consisted entirely of them making snacks. Record-breaking profits at investment banks appear to be another relic of the golden age. Workers hired to meet roaring demand have been left twiddling their thumbs. Now they are being shown the door.
This article appeared in the Finance & economics section of the print edition under the headline “Smaller apple”
Finance & economics July 8th 2023
From the July 8th 2023 edition
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