For others, though, especially those not close to retirement, the trauma of losing a job and the uncertainty in its wake can be devastating. That is particularly true for Wall Street workers, psychologists say, because their colleagues, family members and neighbors typically consider them to be financially secure.
“Since they are expected to be experts, job loss and financial strain can trigger shame and embarrassment,” said Bradley Klontz, a psychologist who specializes in financial matters. “The shame can be similar to a cop who gets mugged.”
FOR a 40-year-old midlevel employee at Bank of America in New York, being laid off was akin to losing her identity.
She had been in the industry for more than 15 years, and at Bank of America for five. But she was quick to say that no one should have a “pity party” for her when people earning far less were losing their jobs. In good years, with a good bonus, she earned as much as $400,000.
