How bad is it out there for IB?
with UBS cutting 1st year analyst and Euro still unable to solve its problems how tough are things out there?
For someone that will be graduating this coming year, where should I look if I can't get into banking? Any predictions of FT-recruiting this year? ...Oh nonexistent you say?
I'd also like to hear from people in the industry. Doesn't look super promising, but then again UBS always seems like they're letting people go.
A lot of it is riding on the election. Many people, including my bosses, are praying for Romney to beat Obama.
Your bosses are idiots then.
Then I guess that proves idiots are still capable of making millions per year. What's your net worth computer warrior? I'm just trying to say a lot of people, including those on Wall Street, are paying very close attention to the election, as should everyone. Sure, there are Obama supporters and Romney supporters, but the fact that my management supports Romney and has a different opinion than yours, doesn't qualify you to call them idiots, and not even explain yourself using valid arguments.
BTW I support Obama, although I would never let my management know that. I'm not a huge politics buff anyhow.
He is your boss so you cant say too much, but someone should tell him to be more afraid of the Audit of the Federal Reserve and Oil Spikes caused by Chicken hawks.
As for the future of IB if the Europeans can avoid a crash good.
if not, even if American Banks have little EU exposure the negative sentiment will seriously affect recruiting.
If China has a Stimulus and the uncompetitive countries leave the euro then the global economy can still be saved
Because of political beliefs/the implications that would have on taxation or because that will somehow save the economy and benefit recruiting...?
Look into Audit/F500 if FT fails.
Audit and F500 a good segue into B-schools?
Getting into B-School is much more than just the place where you worked. GE or the BIG 4 are big brand names and you'll get to work on some pretty big projects. The real question most recruiters will be asking is whether you really need an MBA and how you'll add value. Focus much more on these two factors.
I think it's pretty bad. Check out the news from DealBreaker - they regularly post layoff watch alerts. UBS, Deutsche Bank and Oppenheimer are all firing 1st year analysts/not hiring too many summer analysts.
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His bosses would be idiots if they were praying for Obama to win, seeing as how he's intent on destroying their careers... I'm just not sure how you get that they're idiots for wanting Romney in office as opposed to Obama?
They're not idiots for supporting Romney; they're perfectly entitled to that opinion. They're idiots for thinking the outcome of the election will have any influence on the course of their business.
You can expect to see IB improve when the economy improves, and the choice of Fed Governors is much more important for that than the choice of POTUS. There WERE things POTUS can do to influence the recovery, but that ship has sailed.
im voting for romeny bc my first paycheck scared me :(
Raymond James CEO was on BBG this morning, or yesterday (I am brain-dead, lol), he said they are hiring. Just try to be the best applicant you can be.
Sometimes, the more you know, like right now, the worse it is. So, like I said, do not worry about it. Get a high GPA, get good commendations at your current SA internships. Leave the rest to faith (if you believe in that), or the stars (if you believe in that). Do not worry about the economy, who is firing who, who is hiring less people for their FT classes, just be the best you can be.
/mommy speech
Of course it will have an effect on their jobs, just not necessarily the direct effect people expect. The President often sets the tone for how things are perceived. Romney = good for high finance, Obama = bad.
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