Wall Street Layoffs: How Much More?
By BankersBall on Mar 16, 2008 in Cube Life, Layoffs
Projections are that one out of every five of you may be out on your bum.
The Journal, citing unnamed top Wall Street executives, projects that Wall Street layoffs could be as high as 20%. At most risk are “those who do the actual deal … [the] brains behind the operations”, as opposed to the “coverage platforms” — those who hold the keys to valuable relationships, according to WSJ writer Dennis Berman.
“You’ve got to cut and stay ahead of it,” said one person with knowledge of the situation at Bear Stearns Cos. Another person close to Lehman, which has fared better than its peers, says layoffs there could hit around 10%. Just yesterday, the firm said it was cutting 5% of its employees. [emphasis added]
If your back up plan is to rely on headhunters, you had better make sure your resume really stands out as the odds look slim. Financial recruitment firm Options Group is receiving approximately 100 resumes a day, of which about 3 will get placed, reports the WSJ.
On Mar 17, 2008, Ivana said:
Wow. Looks like your glory days are over for atleast a decade.
Gentleman, time to start clipping coupons and switch the Cristal with Henkel!
On Mar 18, 2008, Good Riddance... said:
….to a bunch of over paid pricks. Ivy League shmucks, with useless underwater basket weaving degrees…..get used to putting in a days work for a days pay, assholes. A country cant survive when “Financial Services” is the only thing it focuses on….get a real job you shit heads, engineering, manufacturing, healthcare, teacher, scientist, janitor, something for the general good of society, assholes.
On Mar 19, 2008, optimus subprime said:
Good Riddance, I guess selling car insurance must have gotten your panties in a bunch.
On Mar 20, 2008, guest said:
Is there one site with a running tally on the writedowns and layoffs by firm?
On Jun 27, 2008, anon said:
This article was from March, and the layoffs continue! It’s only just begun, headcount will continue to decline until late 2009. Fellow bankers, get your resume ready and hit up those hedge funds, proprietary trading firms, and private equity.
On Sep 13, 2008, faughater said:
y’ll MF suck! the market will come back!!!