This week is turning into a bit of deluge. Cadwalader, in its second round of redundancies, is cutting back in a big way. Most of the carnage is happening across the pond, the worst affected offices being New York and Charlotte. However, the US firm’s London office is also affected, with a significant number of those being let go based in Cadwalader’s City office.

The cut will be across its capital markets and global finance groups, as revealed in a statement issued by the firm: “With commercial mortgage-backed securities issuance down 82% in 2008, it appears that the real estate finance andsecuritisation businesses will remain slow for the foreseeable future. We regret the loss of these lawyers, who are talented professionals and have served the firm well.” Grim outlook gets grimmer…

Cadwalader’s final complimentary words may provide little comfort to those going out into the recruitment market with reports of recruiters being overwhelmed with candidates in some sectors. One up on having to leave for ‘performance related issues’ but cold comfort all the same.

Are you affected? What do you see the future holding in light of the current climate?