More from the front lines: “Just heard from a friend in the Goldman San Fran office- cuts going down there as well. Mild in Private Wealth, but other areas hit harder.”
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First? Where are all the bankers going?
@1 They’ll be like the homeless people in NYC after Giuliani was elected. They just disappeared.
Goldman sachs in Utah getting hit real bad
wonder what kind of heels HR’s wearing
no really what is going to happen to all of our displaced collegues….all joking aside lets be serious. i would assume the collectively the brainpower of the frequenters of this site far exceeds the general publice….I am curious to know what people see as opportunities for the future and what will happend to all the laid off financiers
no really what is going to happen to all of our displaced collegues….all joking aside lets be serious. i would assume the collectively the brainpower of the frequenters of this site far exceeds the general publice….I am curious to know what people see as opportunities for the future and what will happend to all the laid off financiers
My GSET rep just told me an hour ago there would be a lot of technology and ops cuts today.
Yup, they will disappear…
Supporting a 3 br condo in NYC is unsustainable for most after 18-24mos
Same happened in 2001
@ 5 There are plenty of waiters with PhDs … maybe substitute teaching … more likely a life of mediocrity in corporate treasury
is there any way for people laid off to earn as much as they were two years ago in the coming years?
Great Possibilities:
1. Smaller boutique firms – no not hiring
2. Take a year off – you will not be re-hired
3. B-school for the junior people – you will most likely not be re-hired + most likely you will not get in a decent bschool since applications tripled
4. Move to another state = die
5. Career switch = die
@11…Yes, by way of prostitution. Oh wait even that industry will be contracting since unemployed Wall Street guys can’t afford hookers!
@11 – no way
@12. @9 here. I’m not saying these are the best options. But those are the options. There’s one more:
6. Start your own shop.
There are very limited possibilities. Most people will be cooling their heels for 6 months.
@12. You are so conceited. There is so much more to life than the “state” or “career” you are working in.
Change is good.
Opportunities are coming. Don’t chase fortune, be smart and let the fortune come to you.
Play Poker
@15. 12 here. start your own shop. good idea, lets do it together. why don’t you give this new shop a kickstart by going to the bank to get some financing.
@16 harro! you sound like a fucking fortune cookie
@16 Thank you Miss Cleo, what is your 900# again??
@12/@18: Hey, I’m lucky, so far I am employed. I don’t think ANY of these options are ideal, and for many they aren’t possibilities.
But those are the options. I do know a couple of people who have started their own funds (so far so good); I do know some who went to boutiques. Don’t know anyone who is applying to b-school (I’m 15 years past that), and I do know 2 people who are moving to TX, one of whom has already been hired and whose company is paying for the move down.
Again, you may not like them, but those are the options aside from watching One Life To Live and JOAC.
CALL ME NOW FOR YOU’RE FREE READING!
Put those banker skills to work making copies at FedEx Kinko’s during the day and (key banker skill) giving blowjobs at night.
Boutiques are not hiring. Bankers layed off from bulge bracket firms at the end of ’07 and beginnning of ’08 have locked up any available IB positions. Very few opportunities now (trust me, I’ve been searching!).
@5
You start masturbating like a mo to the fo.
CS going through cuts today. haven’t heard anything, but people are scared
Is it too late to work on my jumpshot??
The reality is that the industry contraction means that many simply move down the food chain. Lesser firms get better and more experienced people than they would otherwise attract. Those with less going for them leave the industry. Recruiting for new people falls off, so fewer new grads come to NY. Then things come around like they always do. Problem, esp for the new people, is that it can slow yr career for more than a few years, vs. the good times when you rocket along.
I plan to move in with Bess…she just doesn’t know it yet
what are you some good entrepreneurial ideas??
either slinging crack rock or you got a wicked jump shot.
@22
call me now for your free grammar lesson
Boutiques are not hiring. Bankers layed off from bulge bracket firms at the end of ’07 and beginnning of ’08 have locked up any available IB positions. Very few opportunities now (trust me, I’ve been searching!).
@5 so you want to know what industry pays six and seven figures for showing up to work in a suit and tie and yucking it up with the fellas? Good question.
A ton of people whose only nexus to NYC is their job will end up leaving. I’ve seen it happen a few times over the years. NYC experience goes a long way elsewhere. In a few years there will be a new breed of douchey UES fratboy types invading the city once again.
Is it possible we’re sitting on the edge of a catostrophic worldwide economic failure that will lead to a breakdown of basic goods and services ultimately causing massive rioting and the end of this economic model?
the question is more how are they going to survive without the large paycheck. Even people who saved just got a large chunk wiped out.
Average sale price was $1.2M in Manhattan last year. It takes about $200K in pretax income just to pay the that mortgage assuming 20% down. Probably another 50K for the maintenance. Not a lot of non-wall street jobs are paying over 250K.
Expect the fires to start soon
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEMtE99YJSdY&refer=home
BoA will dominate IB, moohahaha
Has anybody become a porn addict after becoming unemployed? I find this the case to me, watching hours and hours of the stuff now that I have nothing else to do/can’t find a new job.
- 2nd year BB (now unemployed)
@37. I am coming out with a line of reflective, radioactive-proof armageddon-wear. Time to arm yourselves to the teeth and head up north.
Dude my life sucks!! I got laid off a month ago i am having trouble evening getting off anymore; since the cut i have been sleeping with some photographer bitch that had the nerve to ask me to help her field calls one day! I have no direction!!
37 I doubt it. But I think “this economic model” is geared towards more growth than is rationally possible, thereby encouraging the creation of bubbles. Which then burst, causing a great deal of pain, but in the mean time redistributing income in a way that’s not healthy.
@33
Nice try but Its “grammer lesson’s”. You forget the comma “s” in lesson’s.
SPODE
#40 here: sorry for horrific grammar, meant I find this TO BE the case FOR me…
@40 yes do nothing but JO&C nowadays
38 I hear you, but remember that 15 CPW and The Plaza were completed last year, with a few hundred units selling for $25 million +, skewing the averages significantly.
I’m going to B School then starting my own entrepreneurial shit. But, I’m in my 20s. It’s good to slow down after 4 yrs in IB/PE.
Agree w a previous poster…if you’re smart, ambitious and hardworking, $$$ will come to you. I just feel bad for those w 10yrs IB only experience who are past B school age and have dulled their creativity to the point where they can do nothing else but kiss client ass.
38 Or more likely, expect real estate prices to fall sharply, like they did in the early 90′s.
48 Why you going to B school? Having been, I can tell you you’ll learn nothing that will help with your entrepreneurial shift.
@37 I proposed exactly that on a thread last night
I agree w/48. Only way to live is to work for yourself. A cool office, email address, and bullshit perks may entice the sea of sheep coming out of school these days, but true wealth comes to those that do for themselves.
frankly I am nervous I was an associate with a bb and earned 600k last year. Oh yeah and i spent about every penny of it. Now i cant get a job!!
I hear the Obama administration is going to create some jobs…
@48 you are going to be either entrepreneurial with your shit or shit at being entrepreneurial.
@47. 38 here, median was 950K, so not much better. Everyone’s going to be selling at once at a time when no one is buying.
38: Manhattan property is bought for cash a good chunk of the time, or could be covered with cash. Especially in that price range for that kind of condo. As such, I think there are a lot of jobs that pay the $120k pre-tax you need to deal with maintenance and taxes.
That is the difference between Manhattan and the rest of the country.
If we’re talking real estate, there is a huge difference this time around. NYC is not a shithole. People want to live here. I see an adjustment, similar to the rest of the country, but there are plenty of people that will buy Manhattan.
If we’re talking real estate, there is a huge difference this time around. NYC is not a shithole. People want to live here. I see an adjustment, similar to the rest of the country, but there are plenty of people that will buy Manhattan.
48 here….also, on a lighter note, if you’ve been spending the last few yrs trying to pick up girls in Manhattan, move to another city/state (California excluded)…those skills carry you far when the prey is much easier.
If I could stand all the rednecks and hillbillies, I’d choose Texas or Kentuckey.
@50 & 55 – entrepreneurial shit in financial services…gotta sit the shit out for 2 yrs until I can get bank lines, haha.
Also, yes, I have become addicted to porn. And drinking beers at 1 in the afternoon. Not a bad life after 90+ hr weeks.
With most owners in for a minimum of 20% (based on a 900-1M avg), Manhattan will not see the flood of foreclosures that the 0% down/110% LTV parts of the country are experiencing. 20+% is a big nut to walk away from.
I want some guidence. Someone tell me some lucrative business opportunities and i’ll start going w it
Building on what @54 said, we could all apply to work in the soon-to-be “green” energy industry that’s somehow going to be created by the socialist Obama. Get your solar panel installing skills ready! (Although, I’m still not certain how he’s going to create the demand.)
Boo yah! Next caller please…
Oh, alternatively, I’d totally be Erin or Maria’s personal assistant.
@62 – If you have a kitchen in your apt, you can start cooking meth
@62 – first learn how to spell…
57 I’m gonna disagree with you there. Co-ops are bought for cash, cause that’s what boards like. But not Condos. The owners of all that flashy crap that was built over the last few years are leveraged. And a lot more product is about to come on. and 58: you’re right, NYC is not a sh!!hole like last time around, but a lot of that has to do with the prosperity of the residents and the tax revenue they’ve been generating. We’ll see what happens, given the looming city and state defcits, MTA service cutbacks, the rapidly emptying coffers of the cultural institutions, and the impact of a strong dollar thats eating into the tourist trade, to name just a few.
@62
learn how to use google
seriously we are or were in a “glamorous/sexy”–prestigous industry that undoubtedly impressed folks. there is nothing change into laterally. Entreprenuers, what are some good ideas?
@40
Preaching to the choir dude. It’s fucking awesome! I never knew unemployed could be so much fun. Porn, Red Bull, stroking your meat, and getting ready for the snowboard season. I never thought I would start skateboarding again and I accepted the belief that my best athletic days were behind me. This snowboard season is going to be off the fucking hook bitches. 22′ foot walls at Buttermilk with a 180 above the lip.
Brazzers, Realty Kings, and lets not forget the genesis of it all, almighty Bang Bros.
SPODE
NEEL KASHKARI IS NOTHING BUT A DIRTY CHAI WALLAH
Go to Las Vegas with Charlie Gasparino. He’s a bookmaker now!
Become an IL pol.
@69 #40 here. I know! I’m getting addicted to being unemployed too! PS great choices on the porn sites. I’m going to a Brazzers party next week. Be jealous, be very jealous.
@44 (Spode) -
If your comment has some subtle meaning, kudos, I missed it. If not, you’re just plain stupid -
1) It’s grammar, not grammer
2) That little mark up high is an apostrophe, not a comma, you lunkhead
3) Regardless, there’s no need for an apostrophe
4) The original problem in #22 was the use of “you’re” instead of “your”.
Now then, are you chuckling because you knew all this and you were just being clever, or are you bewildered reading this while you spill your drool cup ?
I’ve got ten bucks on option “b”…….
@74 – that whooshing sound you hear? That was SPODE
Per SNL:
Report: Goldman to cut 200 jobs in London
December 10, 2008 12:28 PM ET
By Bobby Raines
Goldman Sachs Group Inc. is laying off 200 people in London as part of a 10% reduction in global headcount, Reuters reported Dec. 10, citing people familiar with the situation.
I think you would be very surprised how eager a small entreprenual company is to higher former wall street bankers. After 7-years in IB for a BB, I made the move to a small consulting firm. The pay is good – base is better than i was making, bonus is guaranteed quarterly and there is a back ended performance bonus. The best part is I work 9-4 w/ a 1hr lunch break. I do half the work that I used to, but it is 300% better than the work that was being produced for the Co. If and when the market comes back, you can have a great story about the additional experience you learned, have an attractive titile, make some good money and not work very hard. IB BB is a great opportunity when the market is good, but a terrible one when it is bad like it is now.
77, yeah suck on your own dick you fucking loser
77 is the biggest piece of baloney I’ve read in a long time. What kind of consulting is a BB Ibanker equipped to do?
ARMY…NAVY…AIR FORCE…MARINES!
Someone commented that New York is not a shithole and that people want to love here….
Right now that’s true, but what happens when real estate prices do fall and the city runs out of money? Crime doesn’t have to go back to the levels of the 80s to encourage anyone with the means to get the f**k out of dodge….Even a moderate increase in crime, homelessness, etc. will cause a rush for the exits.
Our city is already the dirtiest city in the country (with regards to physical trash), and the low crime rate is the only thing making this place livable. What if one day everyone wakes up and realizes that paying millions for a condo just so you can walk outside and have the pleasure of watching some insane homeless guy taking a shit on the sidewalk in front on your building isn’t worth it?
I’m worried New York could reach that point and then what’s to stop us from becoming another Detroit?
77 Its been my experience that people are reluctant to pay people less than they made at a previous job. Its seen to hurt their motivation and ensure that they’re the first out the door when things pick up a bit. Which is a big problem when you come from a BB, especially if you’re trying to move into a “small entrepreneurial company”. At first I thought maybe you were moving from IT at a BB to some tech consulting firm. You say you’re a banker though. I’m doubtful.
@62,
My SPAM box is full of them, I will forward to you.
81 You’ve obviously never been to either Charlotte or Singapore. Both places are horrible, despite the fact that everything works reasonably well. Some people actually believe that NY will be a better place when the balance of power shifts away from the bankers and lawyers and more towards assorted hipsters, which are now having trouble affording anything more expensive than Bethleham, PA.
@81 – that has always been my theory – I live in NYC and it is a disgusting sh*thole…one day people are going to wake up and realize this fact..There are so many homeless people, it smells like urine and even the nice areas are dirty
god i love hipsters
I can tell you what one former internet banker is doing. My younger brother, who worked at Lehman, moved in with me and has been sending out resumes. Not a nibble so far.
It’s hard to describe how devastating being laid off can be. My brother has gone from being on one of the higher rungs of society on one day to being on one of the lowest. Last year, he was flying all over the place working on finance deals I can’t begin to understand and now I come home to find him in his underwear all depressed eating a bowl of cereal. I removed all guns from my house, just in case.
85 But theres something about NY…. The people are good looking, sharp. On the subway in the AM its like there’s a world of possibilities out there and people are about to begin the chase. From slick guys in suits, to admins, to artsy types, to messengers, to ghetto dudes, all with something going on and a snap to their being. You can sense it on their faces. By way of comparison, take a trip to Disneyworld to see the rest of America. Fat a**ed slobs, collecting pins and eating bad food, with dull looks on their faces and ugly kids in tow. No thanks.
ketchup and egg noodles
@ 84 — WTF, dude!?! Singapore has got to be the most squared-away place on the planet — yeah, a few blocks in Little India and old Chinatown may be a bit skeevy, but on the whole the place is clean, efficient and crime free. The public transit sysem makes the NYC subway look like smething out of Bangladesh by comparison.
@88 Don’t forget the guy in the corner talking to himself, the other guy sleeping on the seat, the guy pushing his way through that car jingling a bag of change, and, of course, the mariachi band that gets on for a few stops. There definitely is something about NY, unfortunately it usually smells bad.
87 I’m happy to see you’re loyal to your bro, but let me caution you against thinking that just because he was “flying all over the place working on finance deals” doesn’t mean that he’s “one of the higher rungs of society”. That kind of thinking in fact is part of the reason why hes now in his underwear eating cereal. Oh, and as for understanding those deals, its actually not that hard, which is in large part why a lot of people are out of work.
I was part of the cut this morning. Anyone looking for a 2nd yr asc – pls post.
Scott Block
90 Not arguing with you there. Problem is that the place is Boring, with a capital B. No soul to it, just a lot of order.
@85 – why don’t you just go back to where you came from then?!
88 can i please take your line to work? the only expression on peoples faces in the morning is equal parts constipation/anger
@88. The people that you suggest are good looking is because they had jobs and because they have/had a mission about their lives. The Disneyworld types are seeking meaning in their obesity and buttons, but probably happier in other ways.
Without the easy credit and easy credit TAKERS; Wall Street, Corporate Law, Advertising-New York City, and the tri-state area in general will collapse.
In the internet age, there is nothing in New York that cannot be done elsewhere, for a lot less the cost. Get over yourself.
98 You’re wrong about the internet age comment. Most of the stuff that can be done outside ny for less cost already moved. What makes NY unique in fact is that the economy has become knowledge based – not service based, which can in fact be done anywhere. You have an amazing mix of culture and diversity that can’t be duplicated and attracts intellectual talent. Which is why people dont want to leave. And why JPM moved check processing out of NY to Baton Rouge, but beefed up IBanking in NY. Those check processing jobs are going to move from Baton Rouge to the Philippines much faster than the Ibanking ones are going to leave NY.
How were the cuts in JC?
#58 here…all of you that have an issue with the cleanliness of NYC are exactly the kinds of people that have no nexus to the city other than your jobs. See you all later. Have a great life in the suburbs living your parents’ life.
NYC has always been the place to be. It will rebound and continue to thrive without those of you who grew up in places that had the crazies holed up in mcmansions instead of out on the corner. I will take a guy dropping a deuce on my porch over nosy, insulated suburbia any day.
No need to get over ourselves. I’ve been in place. You all need to get the fuck out. Think of this time as an extended time-out bitches.
Looking to hire:
TOP:
Sr. Generalist Equity AND Credit Analysts
Distressed Analysts
Software+Hardware L/S Analyst
Healthcare Portfolio Manager
Semiconductor PM.
–ajolly@broadreachgrp.com
Dec. 10 (Bloomberg) — Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group Inc. will “dominate”
investment banking after the collapse of credit markets realigned the industry, a Greenwich Associates report found.
“Never before have three banks dominated corporate investment banking relationships to the extent that this troika could,” Greenwich Associates consultant Jay Bennett said in a statement today.
The landscape for investment banking has shifted after losses on mortgage-backed securities led to the failures of Bear Stearns Cos. and Lehman Brothers Holdings Inc., and a plunge in share price prompted Goldman Sachs and Morgan Stanley to convert to bank holding companies. Bank of America bought Merrill Lynch & Co., and will “vault” into the top ranks of U.S. investment banking with JPMorgan and Goldman Sachs, the report said.
JPMorgan with Bear Stearns will lead in top-five relationships, with more than 60 percent of large corporations naming the firm to handle investment banking business. Bank of America ranks second with 55 percent, the survey showed.
Goldman Sachs will rank first in lead-banking relationships, named by more than a quarter of companies, ahead of JPMorgan, cited by 22 percent, and Charlotte, North Carolina- based Bank of America, named by 20 percent, the survey said.
Citigroup Inc. and Morgan Stanley might be contenders in investment banking, the report said. The companies are used as a top-five investment bank by 40 percent of large U.S. companies and as lead bank by 12 percent, the study showed.
Credit Suisse Group AG and the combination of Barclays Capital Inc. and Lehman’s North American operations were named the top-five investment bank by about a quarter of large U.S.
companies. UBS AG and Deutsche Bank AG are used by about 20 percent, the survey found.
“Any one of these banks has the potential to capitalize on the huge dislocations in this market to dramatically expand its investment banking franchise in the United States,” Greenwich Associates consultant John Colon wrote in the report.
@99. 98 here. Your arrogance blinds you. “…the economy has become knowledge based-not service based, which can in fact be done anywhere.”
-Exactly. Which means that knowledge can be created anywhere without the costs of NYC. London. Hong Kong. Dubai. Tokyo. In the US, cheaper operating costs: Dallas, Pittsburgh, Charlotte, Detroit. While I agree that diversity and culture add to the dichotomy of society and the overall richness, that too can be duplicated in any city.
Again-anything NY does can be done anywhere else, at a far cheaper cost. And don’t think the corporate chiefs aren’t thinking of cutting more costs and moving more-knowledge based services outside of the Tri-State region. I can’t speak to JPM’s motives because I don’t have all the information about their health or lack thereof.
77 here – I was in real estate IB and now work for a commercial real estate consulting firm that advises institutional owners of real estate on their distressed assets. Again, the pay isnt great (certianly less than I was making 2-years ago), but it is higher than I would be making if I remained in banking, I’m productive and the quality of life is superb. The grass is never greener (just a different shade of green) and there are of course downsides to the job.
To be clear, I didn’t post to gloat – but rather in response to what other opportunities are available. I simply had the guts to make a career change that still focused on my expertise. Maybe it’s because I never took myself seriously enough while i was in IB that I developed a “my shit don’t stink” attitude. Is my current job glamerous, hardly – but it is a job. My advise to all of you, get over yourselves, stop whining that you got fired, realize that the good times of a few years ago are gone and get a DAMN job. OR, don’t get a job…have a shit load of fun and hang out. But, for godsake, stop the self pitty.
and by the way, 78 – I would if I could but I can’t so I wont. Let me know if you find away on your free time.
Yes, we WILL fire you before Christmas. Happy holidays, slaves.
87 the i in ibanker is for investment, not internet. at least do some due diligence before slopping your bs.
iporn is internet porn. ibanking is internet banking. you’s so stupid.
#104, uh so, where is this new city that will steal all of the jobs from NYC? Cyberspace? Dallas, Pittsburg, Charlotte, Detroit? C’mon now. Dallas will be a ghost-town as it was during the 80s/90s, Pittsburg…pass, Charlotte was built on NYC banking rejects from the 80s/90s, and I can’t see Detroit as having the same sort of labor pool as NYC. I’m not sure what your point is.
There is a synergy here that can’t be duplicated elsewhere.
104 Let me make this quick. I agree with you, that services can be performed anywhere. Knowledge however can be created only where there are smart people. Which does not include Orlando.
@109. #104 here. I’m terrible at timing the market and really terrible at predicting the future. What I am saying is the 235,000 finance jobs that will be lost from the Tri-State area WILL GO SOMEWHERE. I’m guessing they’ll disperse and migrate, but not all at once.
I think it is arrogant and quite frankly, a national security danger, to have the center of finance in one city. It’s also arrogant to put down the south-that’s where the majority of the growth is coming from-again-due to lower operating costs.
It is also extremely arrogant to assume…waitaminute-did you use the word “synergy”? Ahahahaha. Overused. Let me guess, you read BusinessWeek for your biz news and earned your MBA in the early 90s?
You are so naive.
@107 – I know that Lehman was an investment bank, not an internet bank, not sure why I mistyped that. Regardless, I figured the mistake would be obvious for what it was so I didn’t bother to waste a followup post correcting it. Thanks for taking the time to state the obvious though.
go back home 111.
you are the arrogant one.
of what growth from the south do you speak? overpriced mcmansions built on swamp landfill?
#109 is correct regarding charlotte. before the defrocked nyc bankers moved down to tryon street, one was able to purchase an estate for pennies on the dollar.
btw, the banking jobs lost here don’t have to go anywhere except up in smoke. just as they tend to overfire, the banks will overhire soon enough. and believe me they are NOT going to go sniffing around down south.
@111, you’re the naive one…don’t you realize that the reasone everyone is going ape shit is because some of these layoffs are for jobs that might never come back?
@111, 109 here. I knew your chipmunk brain would jump on synergy. Form over substance junkie, eh?
But I stand by my point. The reason companies hire in NY/Tristate is because of the labor pool. Like it or not, many of the best gravitate towards the city for a multitude of reasons. You come here pay the cost and hope to make it big.
Now it’s my turn to be simple-minded…national security? You MUST be from the south. Those bad people out there that hate us for our freedoms could easily cripple the US banking system. Is that what you’re getting at? I wont bother asking if you’re serious because I know you are.
@113, 114. Perhaps I should clarify. Yes, there are some jobs that will never come back.
The British use the word “redundancies” to describe layoffs. My point is that it is not ordained by the Creator that the NYC/Tri-State area MUST be the center of finance for the US. When the banks will rehire (I agree with 113-just as they overfire, they will most certainly overhire) my point is that it does not mean NYC will return to former glory. For you to assume that NYC must be the center of civilization, forever and ever, amen, is naive and very short sighted.
Finance can be done anywhere in the world, and the services I mentioned in #98, revolve around this. There is nothing unique about NYC that cannot be duplicated anywhere in the world.
“don’t you realize that the reason everyone is going ape shit is because some of these layoffs are for jobs that might never come back?”
Might not? I think it’s safe to say that no one is going to fall for the securitization/CDO scams run by the tag team of ibanks and rating agencies for the foreseeable future. I think it’s safe to say we won’t see the 20-30:1 leverage ratios anymore. No more SIVs to allow banks to offload their garbage assets. Heck, investment banks don’t even CLAIM to be investment banks anymore- they are all “bank holding companies” now.
Most importantly, we’re not going to see the greatest credit bubble in history magically reflate itself anytime soon. To the contrary, we’ll have deflation until the economy recovers somewhat, and then the Fed will have to mop up a lot of this liquidity it is pumping out, sending us back into an early 80s style recession.
Wall Street will thus have to reckon with 1. making a (more) honest living, with the public wise to their scams. 2. one of the worst global economies of the last 100 years. Too bad Wall Street screwed the rest of the world in addition to itself.
As aweful as this one is, I have to believe that the rules have changed and not the game itself. The leaner, more institutionalized, consolidated financial players should be able to start something back up, especially given the short attention spans of most people on this planet.
@115. Wow, you’re dumber than you sound. “The reason companies hire in NY/Tristate is because of the labor pool.” Right now, there’s a very large talented labor pool, and they’re not hiring! Does your chipmunk brain recall that the recovery since 2003 was described by nearly every economist as a “jobless recovery”? So now, we’re getting down to late 90s job levels in the finance industry. And it’s just beginnig.
No, people come to NYC for the big opportunity, the big money. Without this lure, the city is just a very large metropolis.
And yes, national security! It is so improbably insane to have the largest banks, with the most talented employees, in one spot. While it’s true that bad people can “easily cripple us”, why make it easier for them?!!
THINK.
116 Why you being so thick about this? Its simply false to say that any job can be done anyplace in the world. NY (like London, Hong Kong) is in fact a high cost place, but as 115 points out it also delivers a very high quality labor pool that cannot be duplicated in the low cost places. And not only in finance. Its also advertising, fashion, media. Regarding the uniqueness of NY: on top tier culture alone: Met Museum, Met Opera, MOMA, Carnegie Hall, NY Philharmonic, Frick. Follow that with Broadway, off Broadway, two teams minimum in each sport, beaches, three airports with connections all over the world. Crappy infrastructure yes, but a lot of that is because we get back only 70 cents for every $1 we send to the federal govt. You hicks have some nerve.
oh my, 116.
carl spankme @74
Nothing suttle I’m just plane stupid and you missed a couple from #44.
5) it’s, not Its
6) forgot, not forget
And leave #22 out of this, “guest” is my friend; sure he posts a lot but I except him for who he’s. Headless Hoursemen will tell you their’s is nothing clever about me and I think I would like to use a life line for option “sea” because I’m bewildered.
@73 Fuck yea I’m jealous. How did you swing that? Take a black marker with you and get some of the girls to write Dealbreaker.com on their inner thighs. I’m working on some new marketing ideas for this website so send all suggestions to:
SPODE@dealbreaker.com
Re: SF GS Layoffs. Yup, it’s true. Interviewed someone from there who was let go in Nov in TMT
@116 – you’re obviously not a New Yorker, nor have you or anybody else here who has assumed that NYC is just a large city will ever come close to understanding the energy and vibe of day and night here.
good luck to all those newly and recently unemployed. we’ll get through this one..
Enjoy
http://www.met-art.com/new.html
@116- You’re an idiot, nowhere compares to New York
I
Stay Out of Malibu, Lebowski.
-The Guy from Malibu
I just poopoo’d in my pants
Yup, it is Wednesday. The day favored by GS to lay-off people. Wonder what got cut in SF and Salt Lake?????
Houston is where its at, mofo’s. You know that machine you use to JO&C? It uses electricity. Same with your giant black vibrator. Too bad there is no one here from your eating house. You could always go back to Connecticut and coach JV lacrosse.
131 Yr getting a lot wrong there. Electricity in the NY area is generated by natural gas, which may be traded in Houston but certainly doesn’t come from there. Its “eating club”, not house. You obviously picked that up from some Princeton guy home on break who after graduation was never to be seen again in Texas. Which one was he in? I’m gonna guess Cap and Gown if he had money but was a playful sort, or Ivy if he had a lot (underline three times) of money. I’m assuming that being from Houston he had not much class, but those two will be forgiving in that dept if the money is there.
All you mofos should come work at RBC. Canadian i-banks rule!
lol. RBC.
http://business.theglobeandmail.com//servlet/story/LAC.20081211.RMIGRATION11/TPStory/Business/
117 nailed it.
… and Singapore is NOT boring. Lucky Plaza… ah, good times, good times…
Are we sure it was layoff related and not simply Day Without a Gay?
136 Not so sure about that. Agree that “we’re not going to see the greatest credit bubble reflate itself anytime soon”, but I’m sure some new angle will come along, as soon as the dust settles. It always does. The incentives are just too compelling.
“no really what is going to happen to all of our displaced collegues….all joking aside lets be serious. i would assume the collectively the brainpower of the frequenters of this site far exceeds the general publice….I am curious to know what people see as opportunities for the future and what will happend to all the laid off financiers”
Funny how you segregate yourself from the “general public”, when that is exactly what you are. I work on Wall St., and let’s be realistic, the frequenters of this website are not all that smarter than anyone else. Wall St. in general is not all that smart. If we were, we would not be in the current predicament. The displaced workers are going to get new jobs. Maybe they will stay in the business and get lucky. Maybe they will live off their severance for 2 years and land a job later. Or maybe, just maybe, they will pursue their real passion and by the time they come back to this world of false importance, if ever, they will realize that this is not the end all be all. If we were truly capitalists, we would realize that failure is unavoidable, and must happen for the wheels to turn. THAT is how capitalism works. Those who are not generating economic value, such as the overpaid employees of the big 3, and the drastically overpaid employees at the banks, move on to new callings where they will eventually better serve the world. This should not a “trophy society”.We do not deserve handouts for failing. Stop fretting and move on. Such is life. If the Big 3 and trouble banks would do the same, we could be out of this thing sooner than expected.
@60. It’s KentuckY…..you hillbilly
@60. It’s KentuckY…..you hillbilly
Layoffs at Goldman, how painful! These analysts where the best and brightest students from the best schools. If the large salary and bonus payouts hadn’t let them to Wall Street, they could have been curing cancer or running NASA. Now they are collecting unemployment checks…Ouch!
@142: What an insight, did you come up with that little jewel yourself? Even better, they could have been thinking of ways to cure the world of faggots like you.
@143
Super mature…you definitely either
a) Just lost your job, or
b) Are still in school dreaming of working 100 hour weeks for someone who might be as equally oblivious to the real world as you
Either way your dreams were just crushed, and you resorted to name calling on dealbreaker
If you have something intelligent to add, some insight, then feel free to write. Otherwise, carry on.
You really are a complete and utter faggot aren’t you? Your analytical skills are understandably completely lacking, but I a) still have my job, and b) work on the buy side and probably make more than you ever will.
I bet by late spring early summer there is back pedaling ….Wall st as true to form hires too many at the top and fires too many at the bottom…FICC and equity businesses that have fee based bsinesses will be back with a vengeance
I bet by late spring early summer there is back pedaling ….Wall st as true to form hires too many at the top and fires too many at the bottom…FICC and equity businesses that have fee based businesses w/be back with a vengeance
#80; worth looking into…same lifestyle, same pay ($125K/yr tax free – for a pilot in the USAF/USN).
Well, With BAC’s acquisition of ML, there will have to be some jobs that move to Charlotte. It is a nice city and much easier to live here than NYC. My commute went from an hours and 15 minutes one way to 20 minutes when I moved down here 3 years ago. Sure, there will be layoffs in Charlotte between BofA and Wachovia/Wells, but these two banks would be crazy to move jobs to NYC and SF (both with very high cost of living and pay). The weather here is great, you fly to pretty much anywhere from here and realestate has held up and there is a lot of good stuff to buy if you move. It is also clean and low in crime. Who knows what will happen but it does make sense economically to move down here and bring the jobs down.
Well, With BAC’s acquisition of ML, there will have to be some jobs that move to Charlotte. It is a nice city and much easier to live here than NYC. My commute went from an hours and 15 minutes one way to 20 minutes when I moved down here 3 years ago. Sure, there will be layoffs in Charlotte between BofA and Wachovia/Wells, but these two banks would be crazy to move jobs to NYC and SF (both with very high cost of living and pay). The weather here is great, you fly to pretty much anywhere from here and realestate has held up and there is a lot of good stuff to buy if you move. It is also clean and low in crime. Who knows what will happen but it does make sense economically to move down here and bring the jobs down.