The Real Deal New York

From the April issue: Conventional wisdom has predicted that once Wall Street’s troubles manifest themselves in job losses, the office market will begin to feel the heat. And last month saw Lehman Brothers announce it will lay off 5 percent of its global workforce, along with JPMorgan’s stunning purchase of Bear Stearns, with predictions that at least one-third of the bought-out firm’s 14,000 employees will get cut. Adding to the grim news last month: Citigroup reportedly said it would cut another 2,000 jobs, on top of a January announcement of 4,200 layoffs. The layoffs, mostly in its investment banking unit, will largely affect the bank’s New York and London offices. And more pain is expected to be on the way.