Wall St. Job Market Crumbling

[cgtrader]

Citigroup to lay off 2,000 investment bankers and traders

BOSTON, Mar. 20, 2008 (Thomson Financial delivered by Newstex) -- Citigroup (NYSE:C) Inc. intends to lay off 2,000 investment bankers and traders before the end of March, according to a New York Times report.

In January, the New York-based broker had announced plans to terminate 4,200 jobs, mainly in the company's investment bank.

According to the report, most of the job cuts will come from the bank's major offices in New York and London, and will bring total job cuts at Citigroup's investment bank to 6,000, or nearly 10% of its employee base.

Citigroup employs roughly 387,000 employees worldwide.

A spokesperson from the company was not immediately available for comment.

The stock gained 24 cents, or 1%, to $20.65 on volume of 50,000 shares in premarket trading.

 

[flytiger]

Boy. Who da thunk?

Brother, can you spare a Bloomberg?

 

[TouchdownNY]

Such a shame how they destroyed Salomon Brothers and became the big dumb money on the street.

 

[flytiger]

guy on TV pointed out that they used to be partnerships, and were careful because they were lliable.

Now, they're public, and gut the company w/bonuses, spreading the risks on shareholders.

 

[indahook]

Was actively looking for another job from August to January. Used one headhunter and must have sent out 50 cv`s. 10 years in BD experience and all the bells and whistles.

Not one response. Finally gave up and feel lucky to have what I have.

In short there are no jobs on the street. But wall st is like the military. Either an abundance or shortage...never in between.

 

[dividend]

There is a glut of MBAs since the time they ran to get their MBA after the tech crash. Five years ago did they really know what a trader was? Today lawyers to high school business students run a hedgefund. Colleges have "trading rooms" and offer new courses and degrees like "quantitative finance".

What happens when hedgefunds begin to fail like a domino effect

Those are jobs that will not come back until leverage returns 50:1

 

[jsmooth]

we're in a Hedge Fund Bubble right now also. And the thing is, more and more of these so called "Hedge Funds" aren't hedging anything. Not to mention the huge increase in fees they are charging; its only a matter of time before many more fail and that bubble also pops.

 

[Thermactor]

Great fucking time for me to leave a $50k a year non-financial job with full benefits and go back to school to study finance.

With timing this good, I have got no business in this field.


Maybe I ought to focus on personal finance that has little to do with the market. I can't compete with tens of thousands of corporate finance guys with big institutional experience

 

[Chagi]

Quote from Thermactor:

Great fucking time for me to leave a $50k a year non-financial job with full benefits and go back to school to study finance.

With timing this good, I have got no business in this field.


Maybe I ought to focus on personal finance that has little to do with the market. I can't compete with tens of thousands of corporate finance guys with big institutional experience

Nothing wrong with adding to your education, particularly if you actually enjoy what you are studying. I would personally be inclined to go back to school again at some point for a second degree, master's, etc. It will only make you more valuable long term.

 

[paden]

Quote from Thermactor:

Great fucking time for me to leave a $50k a year non-financial job with full benefits and go back to school to study finance.

With timing this good, I have got no business in this field.


Maybe I ought to focus on personal finance that has little to do with the market. I can't compete with tens of thousands of corporate finance guys with big institutional experience

Not true, everything runs in cycles. By the time you are done, the cycle might be back on the upswing... Do what interests you, and let it all fall in place from there.