It's happening again. This time it will be twice the fun.
Pain & Pleasure
- Thread starter mingsphinx
- Start date
http://www.fins.com/Finance/Article...9/The-Fear-Factor-on-Wall-Street?Type=0&idx=1
In slow motion, the layoffs have finally been announced. A lot of people are going to lose their jobs before they get their bonuses.
In slow motion, the layoffs have finally been announced. A lot of people are going to lose their jobs before they get their bonuses.
http://www.bloomberg.com/news/2011-...pointment-with-pay-aspire-to-buyout-jobs.html
The junior bankers are disappointed with their pay.
The junior bankers are disappointed with their pay.
I think everyone on wall street is dissatisfied. If you made 300k this year, then you are upset because a peer in another group made 400k. The whole bank culture is around your bonus being your total net worth, and it's always not enough.
It's a pretty sad way to live life.
It's a pretty sad way to live life.
For the junior guys, getting less would actually mean real hardship. Life in Manhattan and London is not cheap. Rent is astronomical, food costs twice as much and taxes on bonuses are paid at Nordic rates. When the sacrifices are factored in, unless you have a powerful sponsor who is willing to guide you through your career, and the vast majority of newbies will never get such a sweet deal, the hours do not make sense. Contrary to popular belief, junior bankers do not actually learn that much. They are like crews on a production line - very knowledgeable about their little micro specialty, but clueless about the big picture. Most never develop into bankers. It would be interesting to find out what out of work VPs, associates and analysts do. Many do fall through the cracks. Writing a news story about them however would simply be too painful.
http://www.reuters.com/article/2011/08/21/us-wallstreet-layoffs-idUSTRE77K1OU20110821
Feel sorry for these people? Only good can arise from the suffering of these highly privileged and overly indulged brats. There was article after article focusing on the survivors of the last cull a couple of years back who thought that they would reap the benefits. After 2-3 years of endlessly pitching and bitching, it is pink slip for them too. This is an outcome I find sweet. There was no where to go when the last crisis broke and the employment options for an out of work banker is even more limited now. For many people, their careers are going to reach a premature dead end.
Feel sorry for these people? Only good can arise from the suffering of these highly privileged and overly indulged brats. There was article after article focusing on the survivors of the last cull a couple of years back who thought that they would reap the benefits. After 2-3 years of endlessly pitching and bitching, it is pink slip for them too. This is an outcome I find sweet. There was no where to go when the last crisis broke and the employment options for an out of work banker is even more limited now. For many people, their careers are going to reach a premature dead end.
it is time again to watch the movie trading places.
http://www.dvdtown.com/review/trading-places/dvd/8664
<img src ="http://ia.media-imdb.com/images/M/MV5BMTc0ODg5NjYwNV5BMl5BanBnXkFtZTcwMDU5MzY0MQ@@._V1._SY317_CR3,0,214,317_.jpg"
http://www.dvdtown.com/review/trading-places/dvd/8664
<img src ="http://ia.media-imdb.com/images/M/MV5BMTc0ODg5NjYwNV5BMl5BanBnXkFtZTcwMDU5MzY0MQ@@._V1._SY317_CR3,0,214,317_.jpg"
http://www.charlotteobserver.com/2011/09/02/2574344/bank-of-america-layoffs-could.html
The Journal is saying that the lay-off carnage at BofA could reach 40,000 but no matter how you look at it there are going to be a lot of bankers out of a job in the months to come. For many of these people, it is going to be a life changing experience.
The Journal is saying that the lay-off carnage at BofA could reach 40,000 but no matter how you look at it there are going to be a lot of bankers out of a job in the months to come. For many of these people, it is going to be a life changing experience.