http://www.nytimes.com/2008/05/16/business/16layo…
What are people's thoughts - is it as bad out there as this article makes it appear to be? Are the job cuts concentrated in ops and back office positions/senior levels etc - or are they legitimately affecting analysts beyond those in the obvious groups (Structured Credit, Lev Finance etc).
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I saw this one, gave me the chills..
Grow up! Welcome to the real world with no Mommys or Daddys around to hug you and soothe your booboos with cookies and milk.
I have friend across the Street waiting for the Axe to fall. Most folks have been shitting themselves since the first of the year. People with families and mortgages and more to worry about than you.
So please go back to sleep while the adults have a discussion.
By the way, 'most' analysts are so far off the radar of top management that they don't warrant being mentioned in this discussion of layoffs.
Cheers. Be strong.
Does anyone know if boutiques are cutting in the same way?
Starting in mid-2006 has given me an interesting perspective, because I got to see when the markets were crazy from June 2006 - June 2007 and then see how things fell off a cliff completely in the past year.
I've seen a lot of friends get fired, both at other banks and in my office... and in general the article is accurate in terms of how quickly it happens and how nonchalant banks are about the whole process.
While smaller firms and boutiques haven't been cutting as many people (hard to fire 5,000 when you only have 500), cuts are happening even at non-bulge brackets.
Of course, some boutiques are also still hiring vs. non-boutiques which are pretty much frozen aside from summer interns.
hoping some other people will chime in too - dosk thx for the comments.
All I can say is that the DB office in HK is expanding it's crew by about 1500 people as they took over new offices in new areas. So I'm guessing that area is doing fairly well compared to NY?
i know several banks are opening up offices in japan, hong kong, and such.
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