Job Destruction: Is the Worst Still to Come?

Wall Street is in job-cutting mode, for the first time in years. How many more shoes have yet to drop?

Amid the ongoing parade of layoff announcements, recruiter Jay Gaines voices this view: "We're not going to see massive cuts, as we might have seen from the Street in the old days." Gaines anticipates banks will trim rather than slash jobs, getting rid of marginal performers. Even in the beleaguered area of structured finance, he expects them to cut "around the sides" rather than "the heart."

What do you think? Is the bad news mostly out? Or, has it not even reached the halfway mark yet?

Of course, where you stand on this surely depends on where you sit. After all, a wag once defined a recession as "when your neighbor is out of work," and a depression as "when you're out of work.

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