Although Wall Street investment banks have already cut tens of thousands of jobs to cut costs, the banks have yet to see the worst of it. Mortgage and corporate loan losses have caused the banks to cut back and will continue to cause them to cut back in the months ahead. According to the chief executive of Wall Street recruiting firm Options Group, Michael Karp, ''there's more job cuts to come in the next two quarters. It's not over yet.''

In the second quarter of 2007, finance firms slashed more than 52,500 jobs.

So what does this mean? "It's going to be a tough year on Wall Street," said Jeanne Branthover at Boyden Global Executive Search. "The firms are strategizing over what businesses will make money and where they can cut."

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