Carnage Beckons on Wall St.

Fretting about bonus money is Wall Street's latest fixation, but investment bankers may soon have more pressing worries.

September could bring a wave of layoffs as big banks aim to bounce back from the summer's credit market swoon. Mass firings now could help brokerage firms cut costs and show investors they're taking decisive action to compete better in a tough market.

It also may have dawned on banking honchos that cutting staff will help preserve whatever's left of their dwindling bonus pools. ...