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# Impending Layoffs On Wall Street

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Manager
Joined: 04 Nov 2010
Posts: 82

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Schools: Goizueta (Accepted with \$\$) - Matriculating
Impending Layoffs On Wall Street [#permalink]

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17 Jun 2011, 10:46
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.

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Manager
Status: Never give up!
Affiliations: Beta Gamma Sigma, Omicron Delta Epsilon, Toastmasters Intl, HHonors
Joined: 04 Nov 2009
Posts: 223

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Location: Raleigh-Durham NC
Re: Impending Layoffs On Wall Street [#permalink]

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17 Jun 2011, 22:56
Oh yeah. (My firm too.)

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Manager
Joined: 29 Jun 2010
Posts: 246

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Schools: LBS, Oxford
Re: Impending Layoffs On Wall Street [#permalink]

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18 Jun 2011, 00:05
Wall Street Braces for New Layoffs as Profits Wane

http://dealbook.nytimes.com/2011/06/16/ ... w-layoffs/

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Manager
Joined: 27 Apr 2008
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Re: Impending Layoffs On Wall Street [#permalink]

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22 Jul 2011, 10:51
On the other hand, the banks would probably hire more summer interns to handle the workload while paying peanuts.

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VP
Joined: 11 Dec 2006
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Location: New York, NY
Schools: NYU Stern 2009
Re: Impending Layoffs On Wall Street [#permalink]

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22 Jul 2011, 21:18
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.
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Manager
Status: Taking heavily leveraged but calculated risks at all times
Joined: 04 Apr 2010
Posts: 180

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Concentration: Entrepreneurship, Finance
Schools: HBS '15, Stanford '15
GMAT Date: 01-31-2012
Re: Impending Layoffs On Wall Street [#permalink]

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23 Jul 2011, 10:43
This will definitely make the fin. applicant pool much more competitive if am right

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VP
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Schools: Kellogg Class of 2011
Re: Impending Layoffs On Wall Street [#permalink]

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23 Jul 2011, 10:46
3underscore wrote:
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.

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.
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VP
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Location: New York, NY
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Re: Impending Layoffs On Wall Street [#permalink]

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23 Jul 2011, 14:42
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.
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Re: Impending Layoffs On Wall Street   [#permalink] 23 Jul 2011, 14:42
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