Wall St. Job Market Crumbling

The Kin · Mar 20, 2008

Have faith. It could be worse. You could have just finished your finance degree and be competing against experienced professionals. Seriously by the time you're finished we may be in a second boom.

tradestrong · Mar 20, 2008

Quote from Chagi:

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.

That's what I'm doing. I have an associate's in Computer Science, a Bachelor's in Software Engineering, I'm finishing up a Master's in Finance in May, and I plan on "gutting" it one last time and getting an MBA in accounting...and all this while I'm working a full-time Software job. Yeah...my life sucks right now and I'm highly deep in student loan debt, but I also now have such a deep educational background that I should be quite set for the rest of my life and I'll have the ability to essentially pick almost any career path I want.

School = tons of work but also = complete life freedom. Well worth it even if it completely sucks while doing it.

pathus21 · Mar 20, 2008

Actually people get paid a substantial portion of their total comp in stock that they can't sell until it very slowly vests over a long period of time...

newguy05 · Mar 21, 2008

Quote from pathus21:

Actually people get paid a substantial portion of their total comp in stock that they can't sell until it very slowly vests over a long period of time...

The higher you are on the food chain, the more you are paid with stock options that become vested usually in 5 years or more. AKA the golden handcuff.

That's why most of those bsc executives are so mad, they basically lost a portion of their bonus going back many years..

dividend · Jun 24, 2008

Quote from 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

Update:

Unemployed Banker Wears 'MIT Graduate for Hire' Sign

POSTED: 9:37 am EDT June 24, 2008
UPDATED: 4:15 pm EDT June 24, 2008
NEW YORK -- Call it a sign of the times. An unemployed banker has taken to the streets of Manhattan -- wearing a pinstriped suit and an "MIT Graduate for Hire" sign draped over his shoulders.

Joshua Persky, an unemployed financial engineer, says he'll be passing out resumes during the lunch hour all week.

On Monday and Tuesday, he promoted himself in front of the Charles Schwab building at 50th Street and Park Avenue.

Persky lost his job six months ago as an investment banking consultant.

His wife and five kids are moving to her native Nebraska while he continues to look for work in New York.

turkeyneck · Jun 24, 2008

Quote from dividend:

Update:

Unemployed Banker Wears 'MIT Graduate for Hire' Sign

POSTED: 9:37 am EDT June 24, 2008
UPDATED: 4:15 pm EDT June 24, 2008
NEW YORK -- Call it a sign of the times. An unemployed banker has taken to the streets of Manhattan -- wearing a pinstriped suit and an "MIT Graduate for Hire" sign draped over his shoulders.

Joshua Persky, an unemployed financial engineer, says he'll be passing out resumes during the lunch hour all week.

On Monday and Tuesday, he promoted himself in front of the Charles Schwab building at 50th Street and Park Avenue.

Persky lost his job six months ago as an investment banking consultant.

His wife and five kids are moving to her native Nebraska while he continues to look for work in New York.

http://www.nysun.com/business/out-of-work-banker-employs-unusual-job-search/80563/

ByLoSellHi · Jun 25, 2008

Aren't they predicting 175k job cuts over the next year on Wall Street?

turkeyneck · Jun 25, 2008

Quote from ByLoSellHi:

Aren't they predicting 175k job cuts over the next year on Wall Street?

No one is going to shed a tear for them...

"Jim Rogers â who is also short Citibank and Fannie Mae â says the excesses
in financial markets have been far too great.

"You don't see any 29-year-old cotton farmers driving Maseratis,"
Rogers says.

"But a lot of 29-year-olds on Wall Street are driving them. This is
not the way the world is supposed to work.""

kickboxers · Jun 25, 2008

with 'deleveraging' and 'reduction of risk' you have less money for risky bonds and stocks and derivativies.

no more interest only loans.

Quote from 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.

kickboxers · Jun 25, 2008

it's about time these hedge funds, market makers, and banks are regulated like retail investors/traders when it comes to margins etc.

Quote from 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.