Job Cuts on Wall Street Not Deep Enough Says Former Regulator

Wall Street banks including most recently Goldman Sachs (GS) - Get Report have been slashing jobs on trading desks and investment banking jobs are increasingly at risk due to the recent IPO drought. But whatever attrition the big banks are seeing is still not enough, said James Stone, author of 5 Easy Theses. 'If a giant gets an inch smaller, it is still a giant,' said Stone. 'Since the financial crisis both derivatives leverage and asset concentration have gotten larger, not smaller.' Stone is the founder and chief executive of the Plymouth Rock Group of insurance companies, former chairman of the U.S. Commodity Futures Trading Commission, as well as the former insurance commissioner of the Commonwealth of Massachusetts.