Wall Street is Occupied with Worries Too

From the LA Times:
As anti-Wall Street protests crop up around the nation, many of the bankers and traders at the center of the storm are focused on a more immediate concern: keeping their jobs.

The financial industry shed 8,000 jobs in September, and 10,000 more are expected to be cut by the end of 2012. JPMorgan Chase posted a 13% drop in revenue this week, and next week mighty Goldman Sachs Group is widely expected to say it lost money for the first time since the financial crisis.

The woes the industry is facing now are in contrast to the success it experienced after the financial crisis — a success that helped stir up the current protests.

The anxiety rippling through banks and trading floors has generated some unexpected Wall Street sympathy for the protesters. Elliott Roman, a trader who works near the demonstrations, said that on his way home, in his suit and tie, he had a friendly exchange with a protester who asked him to join the movement.

(Read Full Article.)

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