Daniel Indiviglio, a staff editor at TheAtlantic.com, notes that because money wasn't flowing as abundantly through Wall Street this past summer, big banks have started this fall to slow their hiring and reduce their workforces.   And, these actions are not just limited to back- or mid-office jobs, but to front-office employees, as well. 

Usually when Wall Street firms begin laying off workers, a full-fledged firing wave begins.  If volume is down for a few, then it's down for everyone.  And for layoffs to ensue, they either overestimated the speed of the recovery or see a double dip.  Either way, this pessimism on the part of the financial industry is likely bad news for the broader economy, since Wall Street firing tends to be a leading indicator for the rest of the labor market.  [WSJ Deal Journal, 9/29]