Inside views on the jobs market
When bad things happen to bankers
Add 3,300 people to the long list of casualties of the credit crunch. Sources say Goldman Sachs plans to slash more than 10 percent of its workforce, a sobering sign of the times for a Wall Street stalwart that has largely dodged the massive credit losses that have taken out its peers. Once heralded as “tarnished, but not broken”, the latest round of job cuts will bring the bank’s headcount to the lowest level since 2006.
“These are not the last job cuts you will see,” warned Michael Williams, dean of Pepperdine University’s Graziado School of Business.
Meanwhile, the Federal Reserve Bank of New York dealt another blow to job prospects on Wall Street, noting in a recent report that “the current financial turmoil will weaken employment in the city’s finance sector.”
So what does this mean for job-hunters? For starters, be patient. Employers are bracing themselves for uncertain times, notes the Washington Post, and are therefore opting to “sit steady and be conservative in hiring,” says Paul Villella, chief executive of HireStrategy.