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Polish Up Those ResumesLayoffs, Top Rank Executions and Where The Jobs Are Right Now!

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While most of the big business news organizations have relentlessly focussed on the pay and pain at the top of Wall Street firms, at DealBreaker we're intensely working to bring you the latest news throughout the ranks. From senior managing directors to analysts, we're constantly reporting tips about bonuses, layoffs and where the jobs are. (Send whatever you are hearing to Thanks!)
This morning the New York Sun has a report on what has now become the bonus waiting game. At this stage, almost anyone who hasn't been laid off is attempting to hold out for the year-end bonus before they hit the job-seeking trail. Layoffs are expected the continue in the first quarter of next year, however, so that might be a tough time to land a plumb spot. To make matters worse, you'll also be competing with everyone else who also played the take-the-bonus-and-run strategy.
That's the news that bruises. Now here's the news you can use. According to the New York Sun, it's not bad all around. Private equity firms still have lots of money sitting around waiting to put into action, and three areas look hot: special situations (that's purchasing non-public assets like Japanese golf clubs, Texas steel mils, and other unusual investment opportunities), distressed debt and turnarounds.
The Sun reports:

"When new management comes in, the CEO takes a fresh look, new alliances are formed, and the people who are the closest advisers and allies of the former executive no longer hold that position. As the favored status changes, it ripples down through the organization," the chief executive at Challenger, Gray & Christmas, John Challenger, said. Right now, "there is a lot of resume paper on the street — people have happy feet," he said, adding that he is seeing triple the number of resumes on his desk than at this time last year.
But as nerves shake among employees at the city's big banks, there may be a silver lining. Some areas, particularly distressed debt, turnarounds, and special situations, are actually hiring.
"There is so much money sloshing around in private equity, that the money has to flow somewhere, and it is most likely flowing into distressed debt and special situations," Mr. Goldstein said. "We have received calls from some banks looking to selectively hire in areas where they are not currently strong but think there are opportunities."

Scramble Hits Wall Street [New York Sun]