"From internship to unemployment"

kallyli

"From internship to unemployment"--from an employee of Lehman

When Lehman Brothers collapsed on 15 September 2008, it was like an apocalypse had descended upon the finance sector.

The extent of the damage was mind-blowing. And as I sat watching the bank I had interned at over the summer collapse right in front of my eyes, my only thoughts were for myself.

Like many of you who graduated in August 2008, I had just completed my summer internship and was looking forward to travelling and/or studying before I entered the workforce and signed my life away to an investment bank.

I was happy that I’d made some money over the summer to help the squeeze I was feeling after three years of student life. But as I sat and watched Bloomberg, my stomach began to implode at the thought of all that hard work so quickly and effortlessly swept aside. Like most other students, I had gone through the rounds of interviewing with various investment banks in my penultimate year and finally secured the holy grail of an internship and an offer. I never thought something so catastrophic could ruin my plans for the future.

When Lehman went, I was immediately faced with the question of what to do next. Most graduates had retreated into the safety of academia. Masters courses were already oversubscribed, and getting a place now is impossible. The cost of postgraduate courses ranges from around £9k to £20k, and trying to get hold of that amount of cash is out of the question.

After half a bottle of vodka, I not surprisingly began to calm down and think of all my options.

I figured that markets in the developed economies had taken the biggest hit, and so I focused my attention back on the emerging economies. Learning an emerging market language seemed be a good strategic move. Arabic was a natural choice, and thus I enrolled at SOAS, one of the country’s leading language centres.

Although speaking Arabic is not a pre-requisite for working in Dubai, having this language at conversational level can only help to increase one’s chances at finding a job there, or in surrounding UAE countries.

I’ve also continued to apply for banking jobs – 150 and counting. It’s clear that hiring will be tougher than before and I’m having to lower my expectations. Securing a middle-office role in risk management or even, dare I say it, operations, will inevitably provide valuable experience of how trade processes are implemented or how increased regulation will affect risk-taking behaviour.

From interviews I have recently had for middle-office roles, desk heads do cite vertical and even horizontal movement as strong possibilities after 12-18 months in a role.

[此贴子已经被作者于2008-10-29 7:33:28编辑过]

kallyli

Blood on the floor at Merrill

We were told by several people that Merrill chopped bankers in London yesterday. Things have apparently been particularly nasty in fixed income sales, with 35 out of around 150 salespeople in the City allegedly asked to leave.

Equity sales and trading, private banking, and fixed income sales in Germany are also said to have been affected.

The redundancies follow apparent assurances by John Thain on Monday that although thousands of redundancies were imminent, they’d be mostly in the middle office. These assurances were followed (correctly it now appears) by claims from informed sources that fixed income would definitely be in the firing line.

One fixed income headhunter says the cuts have largely impacted structuring and sales, with trading unaffected. This may not remain the case. “For the moment, they need the traders to hold the positions. When the positions have been closed they’ll be stuffed,” he says.

According to US banking analyst Dick Bove, Merrill's most recent cuts could be the tip of the iceberg: he's predicting that 10,000 jobs at the bank will go during the integration with Bank of America.

[此贴子已经被作者于2008-10-29 7:45:14编辑过]

kallyli

more to come...

need sleep, too tired, the poor market...

[此贴子已经被作者于2008-10-29 7:47:10编辑过]

kallyli

reserved

kallyli

reserved