RJ and Makay

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U.S. financial services firms have been dramatically cutting staff this year and more Wall Street layoffs are on the horizon, according to a Challenger Gray and Christmas report released this week.  The 2011 staff reductions, as compared to the widespread layoffs stemming from the 2008 financial crises, appear to be more permanent.  Through May, banks, insurance firms and brokers have made plans to eliminate 11,413 positions, compared with 9,431 during the same period a year ago.