Job losses at Bear Stearns after the JPMorgan buyout could launch another big round of layoffs in the banking sector. And those jobs may never come back.
There's already been a wave of layoffs on Wall Street this year, and the Bear Stearns buyout could trigger another round of pink slips.
Through February of this year, 18,000 jobs have already been lost in the hard-hit mortgage markets, according to research firm Challenger, Gray & Christmas, accounting for an
overwhelming majority of the 22,000 jobs lost in the financial sector overall.
But analysts said Monday they expect 15,000 to 30,000 more job losses by the end of the year in the financial sector, including half of Bear Stearns' 14,000 workers following JPMorgan Chase's (JPM, Fortune 500) impending takeover of the company.
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