Bank layoffs are overblown and the cuts won't be as bad as 2008, says hedge fund recruiter Ilana...

|By:, SA News Editor

Bank layoffs are overblown and the cuts won't be as bad as 2008, says hedge fund recruiter Ilana Weinstein. Most of the big cuts will more than likely come from employee bonus compensation. "It's not that expensive to keep people so long as you don't pay them. I think you’ll have people who are paid absolutely nothing and [the managers are] going to use that money to retain the producers."