Wall Street crisis hurts IT pros

The financial chaos on Wall Street, including the demise of Lehman Brothers and the Bank of America purchase of Merrill Lynch, has not only hurt stock portfolios and 401ks, but will mean the loss of employment for some top IT workers. Janco's Associates estimates that more than 230 IT professionals at Lehman Brothers who make $250,000 or more a year will be out of a job by year's end. At Merrill Lynch, more than 180 IT professionals making more than $250,000 a year will be out on the streets, Janco said.

"High-paying jobs within the IT function are targeted first when companies go bankrupt or are acquired," said Victor Janulaitis, Janco's CEO. "High-paying middle-layer jobs are viewed as sources of immediate cost savings." 
 
For more on Wall Street blues:
- check out this CIO.com article