Since it's been a few years since the massive layoffs of Bear, Lehman, and the other associated banks and groups that were hit hard by the financial crisis, what has happened to all of those 'victims' since they have lost their jobs? Care to share your story or that of your friends and their changed thoughts on life, location, and ambitions? What are they seeking in the future and now if they are still unemployed?
Did you or they go to business school?
Peace Corps or Doctors Without Borders?
Start a start up?
Lots of porn in mom and dads basement?
Drugdealing?
Arms running for Somali Pirates?
Most IBD people found other jobs in IBD. I.e. some Lehman guys went to Perella, Bear guys went to Jefferies, etc.
Barclays, b-school, PE / HF.
A non-target friend of mine survived the Lehman mess a year out of undergrad, wound out on the acquired FI business unit for BarCap and now works in primary fixed income products - had to restart her analyst track however.
I was at Bear AND Lehman and was employed every day in 2008. Few friends of mine at CS, Bear and Lehman that did get laid off went to b school and a few into PE
My friends who were analysts at Lehman went to BarCap, some senior guys just went to JPM/Lazard/JEF and other banks that recruited hard in the aftermath.
Knew a guy who went from Lehman in NYC to Freddie Mac in McLean, VA.
Kind of like jumping off the Titanic onto the iceberg as it drifts south....
Haha. Well, we shall see. Freddie may be dissolved or it may go on forever as-is.
I only know one person who disappeared entirely from the industry...everyone else who wanted a new job in the business got one.
Interesting- I know of one guy that ended up getting a job with Northwestern Mutual as a financial representative after losing his job and being unemployed for a while. To me that doesn't seem like a logical progression, but maybe he wanted a better "work-life balance." I'd say that would be considered disappearing entirely from the industry.
some new york website did a short article on me... it was a weird time when bear went down.. either people loved it.. or hated it... my resume was total hit or they hated me
Read about a Lehman quant who set up his own animation company when he got laid off.
I talked to a guy that worked at Lehman. He left when the firm went down and started up his own real-estate investment firm in DC and is doing quite well.
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One Senior MD from Bear is now a global head at one of the Canadian Big 5 Banks.
Another Senior MD from Bear set up his own inter-dealer brokerage.
Two people that I know had offers from Lehman before it went down, so they never worked there except summer internships.
One ended up with Google, another in grad school.
Lehman MD to BarCap, Of the four Analysts I know who were at one of the two, one is at BarCap, one at Nomura, and 2 are in growth/MM PE.
friend of mine who was a 2nd year analyst actually landed a gig at goldman S&t
wtf EVERYONE got to keep their ish together? no one has the story of back door mark the crack addict who sweeps faeces at the zoo now?
in my opinion the loss of jobs mainly occurred in the form of smaller recruiting classes in 2008 to the present. I also think the various bailouts shifted a good part of the accountability away from wall st.
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