A Record Year for Layoffs in Finance

Great,

Joined the IT workforce in 2000 started with a bust and layoffs. Aiming to move to Finance now .. ditto..

I already weathered the dot-com bust here in the Silicon valley, interviewing for almost 20 schools without an offer (while graduating from a good engineering grad school with good grades). Unless the 2nd Great Depression hits, I'm not too worried...

i consult for the govt...still going strong here

I work for the govt. They almost closed my work a few years ago during BRAC but we were removed from the list. If they dont close the a base its almost impossible to get laid off. Literally it takes an act of congress for layoffs. The only people I find that aren't hardworking (besides the few lazy folks) are those approaching retirement who seem to coast for the last few years.

It bit me in the behind...my team was doing really well and we came in on Sept 6th and no longer had jobs.

Sorry lanter1. I am sure its impact was felt most on the average guy. It is a little surprising that the Fed lowered interest rates. Whatever happened to the free market sorting things out for itself. Some one decided that subprime mortages were a good idea and they were wrong. So, why reward such mistakes? I dont pretend to understand the business of interest rates, but I never understood how cutting interest rates prevents the big boys from handing out these mortgages once the good times roll again.

Next time they meet they will probably cut rates again to help prop up the market more. I wont complain it will help to get a better rate for student loans and will make selling my house a little bit easier.

Wow. Sorry to hear that. If you don't mind, I'd like to hear more about what your team worked on and how it was doing well.

Maybe not. With the weakening dollar and rising oil, they may want to wait.

Isn't the next meeting next week? It'll be interesting to see whether they trick or treat us.

With oil at $ 92 per barrel, a more weakening dollar, and growth in China slowing down, I wonder what the economic situation will be.

Its amazing to know that Merrill Lynch posted billion dollar profits last year (2006), doling out millions in IB and now posting billion dollar losses.

But I hope the economy turns around in the next 2 -3 years.

I think the concept of subprime is not the problem...it's all the unique loan programs such as negative am and no doc that seem to have caused a lot of the trouble. Also, there were a whole lot of shady brokers doing unethical loans such as putting people on a two year fixed rate with a three year prepay penalties. Subprime will always exist, but you won't see the irresponsible/risky programs that have existed the last 5 to 6 years. There are a lot of good loans that can still be completed for customers in the 500 credit score range, but the companies need to stay disciplined by limiting debt-to-income ratios and loan-to-values.

As far as cutting rates, I think it was the right decision to relieve some of the pressure currently on the secondary mortgage markets and to give the banks a positive vibe after being beat up for the last 8 months. The cut is enabling mortgage companies to do loans that they could not complete 2 months ago by having lower debt-to-income ratios. A company like Countrywide going out of business would not be good for the overall mortgage market or consumer confidence in financial services.

First, I had an excellent group of people, and I didn't allow my team to buy into the negativity swirling around the subprime market (we still shut down though). We stayed positive and focused on what we could control-selling loans. In August, my team had 28 loans submissions with the next closest team in the region having 9. Also, I am a big believer in accountability to meeting numbers and goals on a daily, weekly and monthly basis. I am extremely competitive and I think that my team developed that attitude as well. Having a positive attitude, fostering a collaborative environment, and CONSISTENT accountability are the keys to having a successful team. One mistake I saw other managers continue to make, was holding their teams accountable only when numbers were down or at random times. This is ineffective. I hope that answered your question.

O'Neal Out as Merrill Reels From Loss

https://online.wsj.com/article/SB119359304744274091.html?

I was right...they pretty had to have to cutting a half percent and a few huge dips lately. If they hadn't cut then today would have been another giant drop.

My next prediction by christmas we will have $100 oil. Sadly I hope oil keeps going up, considering what I want to go into post grad $200+ oil would be awesome for my career prospects.

https://www.alexcartoon.com/index.cfm?cartoons_id=3094

https://news.bbc.co.uk/2/hi/talking_point/7062653.stm

Is this true? Have you guys seen this?

aligns with everything ive heard