How do you prospective monkeys feel each time you hear about banks laying off another X amount of employees in their IB divisions?
Knowing that by the end of the year I will have another 1000 GS employees, 500 Barcap, etc. to compete with for a job (when I'm just trying to break into the industry) makes me pretty depressed, to say the least.
its crazy that there are 200k professionals out of a job competing with everyone trying to break in. Not everyone's cut out for the varsity squad
I really don't understand what is depressing about this. Can you elaborate?
The fact that it is difficult enough to break into banking, network, get selected for interviews, without having to compete with 1000s of other people (that have relevant experience in the industry already) for that same job.
Not really sure why you are deadset on trying to get into a BB in NYC when there are tons of MMs and Boutiques throughout the country, countless F500 and F1000 leadership development programs and other positions in regional commercial banks that deal with securities/markets/FO. All are good career paths and can be used with a MBA to rebrand and take another shot at getting into an NYC BB.
Really isn't worth crying about.
What goes up must come down, so that it can pick up again. Keep your chin up!
This is why I have never been 'deadset' on getting into IB. It's good to have an open mind about other areas of finance. The whole 'I only wana do IB' mentality makes me cringe.
Ya, I hear you. I really don't understand it either. It is good to have a goal and have a drive to attain that goal, but it isn't worth getting upset over.
The finance job market is dismal and will get worse before it gets better. I know a lot of 2nd year MBA's at top schools who are freaking out because they can't get full-time offers.
If you are not good enough, then you are not deal with it I think. Yes when I look at the BB firings and the layoffs it actually makes me happy, because they are making room for me :D
Hate to break it to you bud but a vast majority of these layoffs aren't performance related. They are political and a lot of times members at the junior level are collateral damage. In other words if your boss lets go and you support him, you will likely be out of a job if you just work with him. This is why it's so frustrating to see retards like those commenting on the dealbook article here http://dealbook.nytimes.com/2011/11/21/wall-st-layoffs-take-heavy-toll-… because they don't understand that a lot of the layoff situation is completely out of their hands and you can be crushing it at your job but it comes down to random luck in many cases. Don't be so quick to be happy about the shrinking of the industry... it's not a good thing.
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