Impending Layoffs On Wall Street

Question

Has anyone seen the recent articles on CNBC, etc. about how investment banks are likely to cut headcount this summer/fall due to slowing business? As someone who is about to start down that career path, I'd be interested to hear anyone's thought on this.

anstance5 · Answer

Oh yeah. (My firm too.) https://www.theatlantic.com/business/arc ... eet/63738/

Alchemist1320 · Answer

Wall Street Braces for New Layoffs as Profits Wane https://dealbook.nytimes.com/2011/06/16/ ... w-layoffs/

mrblack · Answer

On the other hand, the banks would probably hire more summer interns to handle the workload while paying peanuts.

3underscore · Answer

Not in this case. The headcount reductions are mostly from swelling up in FICC to cope with the Bernanke Put. Elsewhere it doesn't look so bad, at least compared to normal Bank job flows. I mean, i could write a lot more about this but I am uncertain of the value. IB revenues are really strong, your limited chance of getting into trading is probably more limited still.

Anasthaesium · Answer

This will definitely make the fin. applicant pool much more competitive if am right

Jerz · Answer

At least until the government finds a way to blame the impending sovereign debt default on Wall St. greed and nationalizes the industry. Then you're all doomed.

3underscore · Answer

This won't really make a difference to the jobs for MBAs. S&T jobs have been minimal for a while and will remain that way. I-Banking is like consulting - the attrition rate and numbers of cheap labor required to make the monster work is huge and will remain so (I repeat, and look at the research - M&A and Cap Mkts volumes are looking positive right now, and that is where the majority of MBAs go).

As for the competitive nature of the applicant pool... successful finance folk will always happily throw someone under the bus for their own benefit, so I can't see it being any different. Maybe a little more pressured.

As for the competitive nature of the applicant pool... successful finance folk will always happily throw someone under the bus for their own benefit, so I can't see it being any different. Maybe a little more pressured.

Impending Layoffs On Wall Street

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