My younger brother works for one of the American banks in the City, he's in a back office role so definitely not one of the high rollers.
Anyway, his management have spoken about needing to reduce headcount by about 30 - 40% and understandably he is worried. Since major institutions tend to avoid lay-offs around Christmas time, my feeling is that the axe will fall after the New Year. He's been with the bank for about 1.5 years and therefore is one of the last in (and likely first out).

Do others feel that the worst is still to come i.e. after the New Year many more people will be laid off? Its very difficult for me to guage the mood and sentiment when I'm so far from home myself.

Cheers