layoffs

Oh, major burn here for first year Goldman people. Last week GS let go 3,000 employees, but now it's 'say hello to the back office' for first years.

http://clusterstock.alleyinsider.com/2008/11/goldman-sachs-gs-moving-the...

Can anyone confirm this? If it happened to you would you take your chances and defect or stick around?

I have a banking offer to be an analyst with a major bank starting in summer 09. With all of the recent chaos and rough economic outlook, is anyone concerned about having their offer rescinded?

I know most of the banks curtailed their hiring a lot, but I doubt they were expecting this tough of an environment...namely little deal flow outside of FIG.

I'd like to hear what you guys think and does anyone know what the 2001-2003 period was like? Were offers rescinded for the guys who were hired at the peak?

I have a full-time Analyst offer from BlackRock, but now I'm worried since they just announced job cuts. Do you think I should be concerned about this? I also have an offer from a suisse bank which I haven't rejected. Do you think I should consider changing?

Sure, Wall Street is getting a bad rap right now. AIG is cowering in fear that any modicum of spending will be perceived as another opulent bailout-wasting extravaganza. But just cuz those suckers are under the gun doesn't mean you guys should throw in the towel on your potential firings or cut bonuses. Give 'em hell!

DealJournal's Heidi Moore (who is by far the smartest person named Heidi we've ever met or heard of) has a great interview with John Singer of Singer Deutsch law firm which represents bankers and traders in bonus disputes. Is it true what they say, arbitration is always your friend? How about veiled passive aggressive threats, where do they fall on the 'tools of the trade' hierarchy?

Supposed to be finished in the first two quarters of 2009. Anyone directly effected by this?

http://www.msnbc.msn.com/id/27719673/

There’s no question that everyone on Wall Street and elsewhere is feeling nervous about the future of their careers with the economy in the nosedive that it’s been in over the past few months. Now apparently companies are coming up with new, creative terms to use instead of “layoffs”, I guess to soften the blow (yeah right) and make it easier to swallow. To borrow from Jeff Foxworthy, I’ll give you a few “you might be getting canned if’s”:

•If your company announces they are “simplifying” their employment structure, you might be getting canned.

•If the monthly newsletter announces some “cost improvement plans”, you might be getting canned.

Why has there been no talk of offers potentially being revoked for people who did internships this summer who were offered (and accepted jobs) on the street. I would assume offers will be revoked. Is there any reason to believe a lot of offers will not be revoked?