Obviously the answer definitely in the short term and perhaps in the long, as well, is to get fantastically drunk. Problem is, ya got no money. You also don’t want to go to any places where you might have to interface with people who have jobs, the smug bastards. What to do? Attend the first-ever Wall Street Pink Slip Party on Tuesday, November 11th, of course. Over 500 ex-financial services employees will be congregating at Public House from 5:30-8:30 PM to get hammered on the cheap and commiserate. There’ll also be recruiters there trying to offer you new jobs, if you’re into that sort of thing.
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
First….to be at the party…:)
fix the link!
http://wallstreetpinkslip.com/
The Three Month Treasury is off over 50% from last week. The other bonds are also down… but nowhere near as much.
Hmmm… What’s the story here?
Ceeeeelebrate good Obama come on! It’s Obama-bamaaaa
Why would I want to drink with 500 losers?
This is poster @4 again… I’m a total idiot. Looked at the wrong spreadsheet. oops
Dealbreaker is one of the sponsors. Does Bess ever show at these things? Also: what are they going to be recruiting for? Maybe slots in the Army, to replace brigades returning from Iraq? Can’t imagine anyone else hiring.
@8- they’re recruiting for newer, funnier commenters for financial websites.
I just got laid off from AQR!!!
fuck them.
@6..why did you purposely omit “other”? Its quite evident your one of them. you berating back office bitch.
I thought AQR was still hiring? my recruiter is a moron
Layoffs at King St? Sandell? OZ? any news?
This is going to be such a great opportunity to take advantage of drunk and vulnerable girls! I’m definitely in!
@10: Sorry to hear about it. I am sure you will find a place that is much less stressful. Good luck. So maybe the Clusterstock story isn’t all bunk.
@8 – Bunch of recruiters there — looking for quants, options analysts, prop traders, back office … $$ not great but better than nothing
@8 – Bunch of recruiters there — looking for quants, options analysts, prop traders, back office … $$ not great but better than nothing
There actually used to be a lot of these pink slip parties in 2001-2. (although maybe they were more focused on the das-kommers and not Wall St back then…) I can’t remember if I ever showed up to any, but they certainly sound like good scenes for “vulture investors”.
…
there was a layoff at AQR. I know that for sure. Trust me you.
Will GS be recruiting the cripples at this party? Figure since all of the kosher blood was hosed down last night, they’d be looking for some fresh meat who they could pay 90% less.
@AQR guy- why don’t you email your story to DB?
Sucks that I will be going to this.
To anyone who thinks they hate their job right now…
This is my fifth week unemployed. No one is hiring.
23 – try the US Navy. I heard they provide room & board and let you fly planes in cool jumpsuits and stuff
will there be a VIP for folks put out of business entirely, vs. being laid off by a still existing firm?
why work- Obama is going to pay for everything
@26 – Amen to that brotha`
@23 – 5 weeks? I know many people who have been unemployed since march with no prospect of even getting interviews. there is no job and more people getting fired every day.
get out of nyc and save on rent money. job losses will continue through 2009.
follow on to 28
just short financials, and when you get the first interview (in person), then cover
think of it as accelerated serverance
@ 22 http://www.clusterstock.com/2008/11/layoff-watch-aqr-swings-the-axe Carney got the story this morning
At 29 – I think that trade was in vogue a few months ago. Is there much downside left in the financials? I owe my “extra” severance to GS, LEH, FNM and FRE …
Heard Charlie Gasparino will be there covering the party, looking for anyone who thinks they can get something out of this
hey 26 – wrong about that! Obama will bring back WORKFARE my friend, nobody goes on the dole without at least sweeping subways or picking up trash along the highways. No free rides, whitey!
Rather than go to some lame-ass party, some of you losers should consider this route:
http://online.wsj.com/article/SB122593803133403929.html
Wednesday morning. I show up at work and the boss says Sorry but we have to let you go. Then stocks crater.
Obama’s been great for the economy.
Ceeeeelebrate good Obama, come on! It’s Obama-Obamaaaaaaa!
@34, that was a real depressing story to read this am. However, gives yo insight into bear. Apparently the schizophrenics were running the research dept, were they advising Cioffi??
Ceeeeelebrate good Obama, come on! It’s Obama-Obamaaaaaaa!
@34….first thought when i read that today, and I know it sounds brutal, but obviously he was weak, and JP Chase made the right decision.
what’s lame is that dude jumped out in May, and they ran that story today
fags at WSJ just like CNBC, trying re-engineer a drama around current events so the world conforms to some stupid storyline
@31 – GS and MS still are left
Stool Pigeons in Charlotte has $2 drafts EVERY Tuesday.
Ask Saklunch.
when are layoffs for CS, UBS, DB and MS?
@42: UBS did a big round last week, I know people who got laid off last Monday
Gasparino is going because he heard from someone very close to an ex-bulge banker that the situation at the bar would be very fluid and that the newly unemployed drunken ex-bankers would most likely exchange bodily fluids if and when they got coyote drunk.
I’m not sure what it’s like on Wall Street, but I see less people on the buses, subways and lunch places in Midtown. The body count is really starting to add up.
Getting laid off sucks. I wake up this morning with no job. Have been drinking since 10am.
@45, drink your way through it, it will all get better. You’ll dry out around 3Q of 09, things will get better. Only problem is, you will be a raging alcoholic.
@23/@28 —
5 weeks?? … try 13 months as of 11/11/08.
Wish I could be more inspirational …
13 months? God damn, 5 more weeks and I’ll jump, but I could only afford the sixth floor of my building. With my luck i’d survive
Q: What’s the definition of optimism?
A: ……
http://network.nationalpost.com/np/blogs/tradingdesk/archive/2008/10/21/some-credit-crunch-jokes-making-the-rounds.aspx
CS layoffs happenng gradually for the past couple of weeks. Continuing for the next little while.
@47
Sorry to hear. I’ve been there. Tough it out, it’ll get better.
I submitted my info on the form and I haven’t gotten a reply email yet, is the event full?
Bess I need this or else its another night of drinking 4 bottles of Thunderbird and masturbating to memories of when I could afford two 19 year old russian prostitutes in brighton beach
AQR baby! AQR baby!
Fuck Asness
@48 — you are funny. Even worse for me, I am only on the 2nd floor and my bldg is currently encased in scaffolding, so there is no place to fall (just kidding about that scenario)
@51 — thanks. This has been a living hell. I was in mktg/comm/pr and we don’t make the big $$ people speak of even if we are on Wall Street, but I started cutting back and saving more when I saw things melting down.
The 3-6 months of living expenses is a myth. I’d have been on the street long ago. I was lucky to be saving towards an apartment and had no debt (still don’t) but you can’t live off savings forever.
Even temping jobs are elusive. I’m so sorry to see so many others joining the ranks.
Been laid off since May, I feel your pain. NO ONE is hiring, not even boutiques.
I need to see a more positive ethic from you lazy-ass honkies! The party is over
Obama
The party is definitely not full yet. Public House is big.
PS: Forgot to mention in my acceptance speech -
ALL ALCOHOL IS BEING BANNED FROM THE COUNTRY EFFECTIVE JAN. 2009
They told you I was a double-secret Muslim!!!!!
Obama
Speaking of lost causes, all you laid-off DB posters who are now experiencing grim prospects for future Wall St jobs (especially you younger ones)should really consider taking TGFD’s advice:
Take your money, your belongings, your car? your furniture, etc. and leave the entire NYC area. Bail the f’k out, period.
Why? Save your money that you have. Don’t piss it away in an expensive place like NYC when you know what your prospects are. What will you do when your money runs out, you have no job, and you’re still in NYC?
No, don’t come to Delaware either. I’m not suggesting that. Go back to wherever you came from, or go to another town. Use headhunters to help you with jobs somewhere else. You must have developed some kind of business/finance skills.
I cannot envision things getting better anytime soon on Wall St. If you have money, save it, and live somewhere else.
It is possible that you may never again get a job making the kind of money you’ve been accustomed to. So don’t squander what you’ve accumulated while hanging on to a lost cause. Cut you f’n losses.
The Guy from Delaware
@47. I was laid off on the same time. Don’t worry. Everything that done is for the best :)
@47. I was laid off on the same time. Don’t worry. Everything that done is for the best :)
Have to agree with 59, if you’re laid off, get the f*ck outta NYC. Wall Street jobs will not return anytime soon, and combine that with further layed off bankers/traders and incoming graduates flooding the job market, prospects look bleak. NYC is not a place to just sit around waiting for the storm to pass. Seems like obvious advice, but you’d be surprised how many laid off bankers fell in love with NYC and refuse to leave (myself included, but am currently making plans to move back home and continue searching for jobs).
@#62…
One thing I should add to my #59 post:
While the laid-offs are still in NYC, they should avoid spending money trying to impress someone. That’s unwise if they’re in a survival mode. Their egos, bruised or not, should be set aside for now.
The Guy from Delaware
63 News flash. You can spend a lot of money in NY, sure. But you can also have a lot of fun on the cheep. Good food in chinatown, dive bars in Wburg, concerts in the park, museums entry with yould old JPmorgan business card. That combined with the fact that its an incredibly intersting place to live, is why no one wants to leave. Housing sucks, but you compensate for that by addding roommmates and subtracting personal space.
64 and add to that the fact that you dont have or need a car, which is a real money suck.
@#64…
Thanks for the info. I was just trying to be helpful, that’s all.
The Guy from Delaware
@59,61,62 et al — appreciate your insights, but I’m not sure leaving NYC is the answer (for me, anyway). I have a (legal) rent stabilized apt. It’s not cheap, but slightly under market and has enabled me to put away money to buy something.
Somehow I’ve been able to survive on about $3700/month for the past year. Severance was a joke and unemployment is only $1620 (fyi, doesn’t cover my rent — don’t think they have ever raised that for CPI). The recent extension helped, but that was only 13 weeks.
I’ve done the math outside of NYC and tack on car payments, insurance and gas, and lower salary and I don’t see the benefit. Plus, I’m not convinced the job market (excluding finance) is any better outside of NYC.
To be fair, I was pocketing only low six figures (not the kind of FU money that is discussed here). I saved as best I could and have never carried any debt.
I’m well aware of the current environment and the fact it may only get worse. My goal is to transition my mkgt/comm skills from finance into another industry. But that being said, that is met with “you don’t have experience in our industry”. In a better economy, employers might take a chance, but not in this environment. Plus, you are competing with experienced people from that industry.
It’s almost like being a college grad, except that I have 15 years experience.
I truly don’t know what more to do. I am even trying to find temping jobs but hiring freezes even are affecting that road too.
I don’t want to burn through the rest of my savings and I can’t pare my expenses down any more than I have. And trust me, I began my austerity program well before I got laid off — let’s just say I saw it coming. Stopped taking cabs, etc.
But I do agree you can live in NYC on the cheap. It is definitely a bummer not being able to partake in all of the events and activities my friends go to, but everyone has been cutting back now too. But after a year … what can I say? I am proud of myself in a lot of ways, but also somewhat resentful for the things that I have had to pass up.
If anyone knows of places hiring on a contractual basis (even where you are working), I’d be very grateful.
I wish DB would create a separate board for all of this. Maybe we could help one another.
Sorry to be such a bummer, but this has become my reality for now. Thanks for letting me share.
~ UES Guest
good post 67
I pretty much agree with all of it
FYI I”m #23 and #48
…Over a month and no matter how much I drink I still wake up at 4:30 as if I needed to get up to go to work….
Guys that are laid off – here’s a question. I fully understand that it is basically impossible to get a new job in finance, especially trading related, right now. But why not apply to some corp headoffices? As a former strat cons and now pe guy I see a screaming need for people with clear structured thinking and ability to run spreadsheets in basically every company HO. Companies now need to figure out downside scenarios, cost cuts, margins – all analytical work. You may not get a bonus but it pays (some of) the bills and you prob learn a lot. And when the market improves you jump back to beloved mother finance.
GL and keep your head up.
@68 & @69 —
Thanks for your posts. I’d be happy to take this conversation offline. I’m heading out for some meetings, so won’t be back on DB until later (this is @67, UES Guest)
@68 … I am now up until 4:30 these days. Can’t seem to sleep. All it takes is tuning into CNBC at 1am and seeing they have a live feed (can’t help myself). Fyi, the drinking wore off after a while.
@69, I have some thoughts about that. Was an equity research person prior to my mktg/comm life. I am a strong strategic and analytical thinker but it’s a matter of a firm giving me a shot. Too be honest, it’s not even about the $$ anymore after living on such a tight budget this past year. I will take almost anything and figure it out later.
My biggest concern believe it or not, is health insurance. Cobra (outrageously expensive as it is) is only 18 months, so I will basically lose my health coverage come April …
Are either of you going to the event at the Public House next week?
~ UES Guest
@#67,#68, et al…
Being laid off is not the end of the world. I’ve been there a number of times. Just try to keep a positive attitude. All is not lost. You all have talents, experience, backgrounds, education, skills, and personalities. These are all assets. Your liability right now is no job, but that is just for right now. Try headhunters for jobs in another part of the country, even in a different industry. That might not be so bad if you can find something suitable. You can always come back to NYC when things turn around.
Just remember, everyone must live somewhere, and that somewhere is home. There are people throughout this country who’ve never been to NYC and who are content where they are. Many still live in the towns where they grew up. I like Delaware; I grew up here; it is home to me and always will be.
Try not to be too discouraged. I’m just rambling now, so I’ll sign off.
The Guy from Delaware
I am going to the event, we could definitely meet up. And I agree COBRA is expensive, you better believe I’m utilizing healthcare though now. How much are you paying? I’m at 500 a month
oh and 70 you can email me at
joblessdealbreaker@gmail.com
Maybe we can help each other out, I could tell you what firms actually aren’t hiring and you could do the same
I’m #68
Hi — phew! Long day. So yes, I am going to the event on Tuesday … actually, have gotten several emails about it from other social groups.
@72 (are you also @73?) anyway, your COBRA is definitely high. But I think I can explain to you why.
Mine is only $352 but I switched from my premium plan. Same coverage, but I have a higher deductible. I figured it was worth the difference in monthly cost since if I come anywhere near the deductible, it is something catastrophic.
FYI — November is open-enrollment month and if your firm is anything like mine, they will “forget” to send you the info and you will be stuck in the same plan next year. I requested the info (took a few times) but that is how I found a way to a lower co-pay.
@73 — will email you.
~ UES Guest
PS — I’m sure you saw it, but in his press conference today, Obama said that he wants to extend unemployment benefits IMMEDIATELY in addition to any stimulus package that is passed. He hopes to do this even before his inauguration if that is possible.
There are a lot of connected people on here. We need to get the ear of the Senate and/or Congress on two things:
1) unemployment benefits have not been adjusted for the CPI or inflation in at least a decade. Max weekly benefit is $405 ($1620/month) and you only have to have been making like $50K to receive that.
2) COBRA is a federal program and is only good for 18 months. There are many people (including myself) that will soon be in jeopardy of losing their health care benefits. I would love to get word about this to Pelosi, etc. The payments ARE NOT paid by the previous employer; they are paid by the unemployed person, so you would think extending this would be a no-brainer.
UES guest yes I am 72 and 73
Wow thanks for that COBRA advice, I definitely need to sort it all out, thank you
joblessdealbreaker@gmail.com
What a crazy time last night! It was packed with people, tv crews!
Where was Bess? I really hoped she would be there.
There were a bunch of hotties there, but i couldn’t find Bess.
If you missed this event and want to network, get access to valuable professional resources and forget your troubles for another evening, check out Get Canned – benefiting the Food Bank For New York City!
Who: Professionals affected by the economic downturn
When: December 16th, 7:00 – 10:00 pm
Where: element – 225 E. Houston @ Essex Streets
More info at http://www.getcanned2008.blogspot.com – complimentary canned beverages, gift bags, entertainment and raffles! You CAN make a difference!
If you missed this event and want to network, get access to valuable professional resources and forget your troubles for another evening, check out Get Canned – benefiting the Food Bank For New York City!
Who: Professionals affected by the economic downturn
When: December 16th, 7:00 – 10:00 pm
Where: element – 225 E. Houston @ Essex Streets
More info at http://www.getcanned2008.blogspot.com – complimentary canned beverages, gift bags, entertainment and raffles! You CAN make a difference!
If you missed this event and want to network, get access to valuable professional resources and forget your troubles for another evening, check out Get Canned – benefiting the Food Bank For New York City!
Who: Professionals affected by the economic downturn
When: December 16th, 7:00 – 10:00 pm
Where: element – 225 E. Houston @ Essex Streets
More info at http://www.getcanned2008.blogspot.com – complimentary canned beverages, gift bags, entertainment and raffles! You CAN make a difference!
If you missed this event and want to network, get access to valuable professional resources and forget your troubles for another evening, check out Get Canned – benefiting the Food Bank For New York City!
Who: Professionals affected by the economic downturn
When: December 16th, 7:00 – 10:00 pm
Where: element – 225 E. Houston @ Essex Streets
More info at http://www.getcanned2008.blogspot.com – complimentary canned beverages, gift bags, entertainment and raffles! You CAN make a difference!
@28 – I’ve been unemployed since May.
I saw some opportunities early in my “sabbatical”, but the job market is dead now.