Two separate reports show that monthly layoffs are at their highest level in almost seven years. CNBC reports that outplacement firm Challenger Gray & Christmas cites November job losses to be "181,671, up 61% from October and 148% higher than November 2007" while payroll company ADP says November job cuts were around 250,000. (Back in January 2002, layoffs were at 248,475.) And more are coming: In its takeover of Merrill Lynch, Bank of America may......

After the Dow Jones industrial average fell 504 points--the most since September 17, 2001--yesterday upon news of Lehman Brothers's bankruptcy, the sale of Merrill Lynch, and A.I.G.'s troubles, Wall Street is in for another difficult day. Asian stock markets were down sharply: Tokyo's Nikkei was down 5%, Seoul's Kospi was down 6.1% and Hong Kong's Hang Seng fell 5.9%. The Wall Street Journal reported, "Steps unveiled by the Federal Reserve to expand its emergency......

The financial industry's worst weekend ended on these notes: Lehman Brothers filed for bankruptcy, after being unable to find a buyer; Bank of America, previously interested in Lehman Brothers (but didn't want to buy it with government protection) decided to buy Merrill Lynch for $50 billion; and it's worried AIG and Washington Mutual will fall next. The financial markets are expected to be in tumultuous territory, and a banking analyst told USA Today, "We are in a hysteria."...

When questioned about troubled investment brokerage Merrill Lynch deciding not to move to Ground Zero (characterized as a "major setback" for development by the NY Times), Mayor Bloomberg struck an optimistic tone, "The properties that [developer Larry] Silverstein is building are very attractive. He can rent them at lower rents than midtown. He will have to do that to attract business." He added, "I'm assuming - I don't know for sure - their [Merrill's] current......

Yesterday, it was reported that Mayor Michael Bloomberg would buy back 20% of his company, Bloomberg L.P., from Merrill Lynch for $4.5 billion. That figure finally gave the media more of an idea of his wealth. Forbes had estimated Bloomberg's wealth in the neighborhood of $5.2 billion, but now that he'll own closer to 80-90% of Bloomberg L.P, the number is at least ten billion more. The Sun suggests it's "about $20 billion", while the......

After months of discussions, Merrill Lynch has ended talks about moving its headquarters to one of the planned towers at the World Trade Center Site. The NY Times describes this as a "major setback for the Port Authority" and Silverstein Properties. Apparently "Concerns about stirring memories of 9/11 and the long-term noise and construction at the site" have been factors in the lack of strong interest in the site from companies. And developer Larry Silverstein......

Over the weekend, hundreds rallied for Pier 40's next transformation to be a park. This Thursday, the Hudson River Park Trust is meeting to discuss two existing bids for the pier located off Houston Street, but a more recent plan, from a group of local parents who hope their $120,000 study, has been gaining some recent momentum. Previously, the Related Companies had proposed an elaborate plan with a Cirque du Soleil theater and restaurants, while......

Some of the really reassuring quotes about today's bad Thursday on Wall Street: "The problems seem to be intensifying. I can't remember a worse start to a year. We're in for some rough months.'' - John Carey, who helps oversee about $13 billion at Pioneer Investment Management in Boston, to Bloomberg “Basically every day now, you have more and more investors leaning toward the camp that yes, this is going to be a recession, and......

U.S. stock markets have not fared well in just the first dozen days of 2008, as indices are being dragged down by worries about the continuing subprime loan meltdown and the after-effects that a tightening in capital lending could have on the economy. According to The New York Times, Friday was just the worst of a bad stretch across the boards: The Dow Jones Industrial Average fell 246 points, or 1.9%, and is down 5%......

The financial markets may be taking a hit lately, but Wall Street is still planning about $38 billion in bonuses this year. Bloomberg News reports that the money was thanks to "a record $9 billion of fees for arranging acquisitions and $5 billion for underwriting initial public offerings and sales of junk bonds." This translate to an average Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers or Bear Stearns worker getting over $200,000 in bonuses.......

There's been talk of what will happen to the Hotel Pennsylvania for a while now, and today the NY Observer reports that the skyscraper planned to take over the 401 Seventh Avenue address could be stopped by preservationists. Since the demolition project needs to be met with public approval it might not bode well that the construction "would entail building over the railroad tracks that run beneath the hotel and pose engineering and security challenges."......

After many attempts by World Trade Center developer Larry Silverstein and state officials to keep brokerage Merrill Lynch downtown, the NY Times reports the firm "appears ready" to move to a new, yet-to-be built skyscraper on Seventh Avenue between 32nd and 33rd Streets. Currently Merrill Lynch has offices at 4 World Financial Center, and it seems that it wants "extra large trading floors." It's questionable whether a Midtown building to accommodate 11,000 employees would be......

The NY Times has a Section A, Page 1 article about a woman whose identity since the WTC attacks has been defined as a September 11 survivor but her September 11 story doesn't quite add up. Tania Head said she had been on the 78th floor of the north tower, still bearing some burns, and gave tours at the Tribute 9/11 Visitor Center. She also acted as president of the Survivors’ Network and said her......

A former Goldman Sachs analyst pleaded guilty to insider trading charges yesterday. Twenty-eight- year-old Eugene Plotkin, with fellow Harvard graduate Stanislav Shpigelman who worked at Merrill Lynch and fellow Goldman analyst David Pajcin, have all pleaded guilty to an elaborate scheme that netted them almost $7 million. The trio had been charged back in 2006. Plotkin and Pajcin would get tips from Shpigelman about Merrill's big deals. Pajcin gave tips to his seamstress aunt in......

Congratulations to everyone graduating this month! As NYU's commencement was today, with speaker jazz musician Wynton Marsalis, we decided to list the many NYC commencement speakers, with help from The Chronicle of Higher Education (if we've missed any or gotten it wrong, let us know in comments): Barnard College: Anna Deveare Smith, playwright-actress CUNY Lehman College: Representative Charles Rangel CUNY Brooklyn College: Roberta S. Matthews, provost and vice president for academic affairs at Brooklyn......

Worst broker ever: A broker from a Queens Boulevard Merrill Lynch branch forged many checks from a 95 year old Forest Hills client - and stole $320,000 from her. The victim, a retired schoolteacher named Carrie Cummins, said she became suspicious when her bank balance was getting mysteriously low. The Queens DA Richard Brown charged broker Peter Lau with "grand larceny, 28 counts of forgery and 28 counts of criminal possession of a forged instrument"......

One of downtown's symbols of the economy, the "Charging Bull" sculpture by Arturo Di Modica, is for sale: DiModica is offering to sell the bull sculpture for $5 million, BUT the sculpture must stay in its Bowling Green Park home and be donated to the city. DiModica wants to raise money for some of his other projects, and his brokers have been talking to "different individuals and institutions." Gothamist thinks lots of Wall Street firms......