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Wall Street financial and brokerage companies could lay off another 70,000 workers this month.

 

Firms plan to cut costs in the face of the economic downturn and credit constraints, Britain’s Financial Times reported.

 

Layoff plans will be finalized this month as companies prepare next year's budgets. The estimate of 70,000 losses is based on opinions of "executives and analysts," the paper said.

 

About 150,000 financial services jobs have already been lost worldwide.

 

Investment banks and trading businesses will be the hardest hit.

 

Since Labor Day, the US has lost more than a half million jobs, and that number is expected to go much higher before it gets better. In October, 240,000 jobs were lost, taking the unemployment rate to 6.5 percent, its highest level since 1994.

 

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