A Look at What’s in Store for Business and Workers : It won’t be dull, that’s for sure. The new year will see dramatic changes for U.S. industry and the American worker. Business writers at The Times polled experts on what is likely to happen in 1989. Here is their report. : SECURITIES

The big challenge facing securities firms this year is simple: win back investor confidence still shaken more than a year after the October, 1987, crash. Lackluster trading volume and other woes have hurt commission income, resulting in layoffs of thousands of workers. More job losses and other restructurings are expected, particularly if the economy lurches into a recession.

Firms also hope for a recovery in the corporate bond markets, where volume has plummeted following buyouts that sharply hurt prices of formerly top-rated bonds issued by RJR Nabisco and other firms involved in takeovers. On the positive side, however, securities firms hope this year will show a repeat of the takeover and merger activity in 1988 that generated huge investment banking profits, making up for losses in retail brokerage.

On the regulatory front, securities firms main concern will be dealing with continued erosion of Glass-Steagall Act barriers that keep banks out of securities underwriting. Many securities firms and trade associations already have conceded that Glass-Steagall is virtually dead.