We're all too familiar with the story of layoffs on Wall Street and a hiring slowdown is clearly undeway. But even those who find new jobs will likely be stung by the the downturn on Wall Street. Wall Street compensation packages for new hires are expected to decline by as much as 20 percent, according to a survey of leading recruiters released today.
"Recruiters are in virtually unanimous agreement that compensation for new Wall Street hires will decline, although there is some disagreement as to the extent of the downturn," according to specialized research firm smart cube.
More than 40 percent of recruiters surveyed expect compensation will decline by as much as 20 percent, while 22 percent expect the decline to range between 11 to 16 percent, smart cube's research shows. About one-fifth of the survey's respondents were less pessimistic, predicting a decline of less than 10 percent.
London will also take a hit. In fact, recruiters there are even more pessimistic.
"In addition to imposing layoffs, investment banks will only recruit new employees in areas where there are critical openings that absolutely need to be filled. With Wall Street unemployment steadily rising, the job market pendulum has clearly shifted in favor of employers," says Omer Abdullah, the smart cube managing director who oversaw the survey.
Posted by guest , Jun 03, 2008 8:55AM
And in other breaking news, the sky is blue, the sun rises in the east and ARod will choke in the clutch.
-NSD
Posted by blndebnker , Jun 03, 2008 8:58AM
Had to get in that dig against ARod. Just HAAAAD to.
Posted by guest , Jun 03, 2008 9:14AM
fortunately the mighty ibd analyst will still reign supreme, the one indispensible employee on the street if previous posts are to be believed
Posted by guest , Jun 03, 2008 9:26AM
no link to the original article?
Posted by ab , Jun 03, 2008 9:56AM
what's a smart cube?
Posted by guest , Jun 03, 2008 9:58AM
@ab - duh. obviously you are sitting in an old-school, non-smart one.
Posted by guest , Jun 03, 2008 10:09AM
Smart cube...
http://en.wikipedia.org/wiki/Borg_starships
Posted by guest , Jun 03, 2008 10:41AM
Smart cube.....I thought that was a PhD from Havana.
Posted by guest , Jun 03, 2008 10:44AM
@blndebnker
I have the utmost respect for Mr. April. If I was ever up 8-1 and needed another meaningless homerun, ARod would be my man.
-NSD
Posted by blndebnker , Jun 03, 2008 11:04AM
@NSD - May I ask who you root for?
Posted by FUNdamental , Jun 03, 2008 11:13AM
@blnde @nsd -- once the yanks get back to .500 arod is due to cool down. Until then....mvp...mvp...mvp!
Posted by blndebnker , Jun 03, 2008 11:16AM
@FUN - You're probably right. But still. The dude is ridic.
Posted by FUNdamental , Jun 03, 2008 11:21AM
@blnde - hey if I were going to buy tix to watch batting practice...no question.
But since his 'fave five' are dan marino, karl malone, al gore, a muscular blonde stripper and a jean shorts supplier...you may keep him.
Posted by guest , Jun 03, 2008 11:22AM
Isnt it obvious? I'm a Sox fan.
In all fairness, I was a huge fan of his when he was in Seattle. It's a shame that he decided to move to third, he had the opportunity to go down as the greatest shortstop in history.
When you have a shot a true immortality its a tragedy to let it go to waste.
-NSD
Posted by blndebnker , Jun 03, 2008 11:26AM
@NSD - Actually, no not blatantly. I was thinking Mets fan. Your comments are as outright douchebaggy as most Sox fans I've come in contact with.
Posted by blndebnker , Jun 03, 2008 11:28AM
@FUN - Ah well. Keep him I will.
Posted by FUNdamental , Jun 03, 2008 11:32AM
@nsd - completely disagree, the one thing I actually respect arod for is moving to third to sacrifice for the team and try and win a title.
Posted by guest , Jun 03, 2008 12:07PM
How great. A string of posts from people who despise A-Rod as much as I do. Who came up with the "Mr. April?" That's funny.
Posted by guest , Jun 03, 2008 12:09PM
@FUN - That argument is not valid for ARod.
If he cared about winning he never would have left Seattle, a team that just lost in the ALCS to NY, to go to Texas, a team that finished 20 games behind Seattle.
The 2001 Mariners won 116 games, the Rangers won 73. If he went to NY instead on TX, then maybe.
-NSD
Posted by blndebnker , Jun 03, 2008 12:18PM
Let's all be honest. ARod cares about two things - making more money and having people like him. His career moves illustrate the former; the pandering shit he says illustrates the latter.
That being said, he is one of the most talented players ever to play, which I think everyone can agree on. And he's hot with an ass that is freaking out of this world.
Posted by FUNdamental , Jun 03, 2008 12:33PM
@nsd - the move was made between tex and nyy to leave a winning situation he was willing to either take a pay cut to go to the sawx (which got shot down by the union) and then switch positions to go to the yanks. He wants a title, but to blnde's point, he wants a title so people will like him.
@blnde - will stipulate to his ass without further comment or consideration.
Posted by guest , Jun 03, 2008 3:36PM
I don't give a fuck about A-Rad and football. Who cares?