Wall Street Woes Make Their Way to K Street

[babylonsister]

OK, let me see if I can locate some sympathy. Ah! Here it is! :nopity:



Wall Street Woes Make Their Way to K Street
By Drew Armstrong, CQ Staff


Wall Street might be hurting. Main Street might be hurting. But the conventional wisdom has been that even in these tough times, K Street would be okay.

Unless, of course, you happen to work for Wall Street, on K Street.

Over the past several months, major financial firms including J.P. Morgan, Citigroup and Barclays have all laid off research analysts in Washington as part of wider layoffs and cuts. Most of the cuts were specialized health care analysts the banks kept in D.C. as part of their efforts to stay on top of complex regulatory and legislative decisions.

When the government changes health policy, it can send health stocks swinging. Barclays employed analysts in Washington, who also were let go, for several other industries, too.

That type of full-time research was a luxury most banks no longer want to pay for. One D.C. analyst who was laid off says it’s easier to cut jobs in the capital because the offices don’t bring in revenue. “You know you need it,” said the analyst, who declined to discuss his situation for attribution, “but it’s hard to prove why.” Perhaps as a result, Bank of America is the only major Wall Street firm left with a D.C. health analyst.

more...

http://www.cqpolitics.com/wmspage.cfm?docid=news-000003052687

[ChairmanAgnostic]

1. at last.

The feeling of relief reminds me of a time, in my yute, when I biked across a goodly part of Canada, and was bussing my way back home. There was no bathroom on this greyhound, and the discomfort of the last leg was not fun. And then, ahhhh. Relief. Just like Citi and Morgan, and others suffering like real humans for a change. What a great feeling.

normally I never wish harm or evil events on others. In the case of Wall, I will make plenty of exceptions.