50,000 Wall Street jobs cut

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By Mayo's calculations, bank revenues are the weakest in eight decades, a shocking throwback to the Great Depression. And the carnage is ongoing as global growth slows and commodity prices and currency movement roil the markets.

"I think there have been heavy potential and paper losses at this point. Clearly, nobody bet properly on oil -- nobody thought it was going to be below 50 a barrel," said Tim Quast, president of market analytics firm ModernIR.