There is a new WSJ article on the layoffs that bankers are facing. It seems that banks are now targeting senior management to attempt to cut costs.
http://online.wsj.com/article/SB10001424052702303…
Is this the beginning of the end? What does a senior banker do if they are laid off at this point in their career? How do you re-brand yourself after this kind of compensation and experience?
In the end, we're all fucked.
The end has seen its supposed "beginning" many times before, and will again.
Have there been this level of layoffs and profit losses before? Citi, GS, JPM, BOA, and CS all saw large losses in revenue and profit 1Q compared to 1Q in 2011. Just don't know industry history well enough to say whether or not this trend of lower revenue will continue or if it is a blip.
I think after the dot.com bubble burst it looked like the end for deal making as well....probably just as gloomy then as now
You also have to consider how much larger the industry is now (now = last ~10 years) relative to 20, 30 years ago. 1000 "bankers" losing their jobs then would have been the whole damn industry. Now it's a drop in the bucket. And the speed of the news cycle, the fact that the major firms are all publicly traded now, and attention paid to finance magnifies everything.
Same with profits...lot more people, but fewer major firms. Losses are orders of magnitude larger, but so are the profits. Headcounts rise to match the profits, and fall just as much (or more) to match the losses.
Over hire over fire has always been true, but both are magnified now.
Im not worried to enter now...but i probably will be when/if I make it to VP and beyond...but those positions have always been the most endangered.
Well that was a depressing article
I really don't want to live on this planet anymore. On the other hand, if I absolutely must be on earth for years to come; I will marry an Arab oil price and live rich ever after.
I thought this was already happening in the last four years haha
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