Inside views on the jobs market
Thomson Reuters, Evercore Partners, and Korn/Ferry, the world’s largest executive search firm, have teamed up to deliver a live online forum that discusses where Wall Street is headed. Will it return to its former self or has the landscape changed forever? If you’re a financial services professional, join us here on Feb. 3 at 10 am. The panel is waiting for your questions. Leave them in the comments below and we’ll answer them on the day.
Our panel includes: Jane Gladstone, senior managing director, Evercore Partners; Alan Guarino, global sector leader, fintech & electronic trading, Korn/Ferry; and Dan Wilchins – editor-in-charge of Reuters’ coverage of U.S. banks and insurance companies.
Out-of-work Wall Street workers have been on the front pages for months. Auto workers at the Big Three have been struggling for years, and with GM and Chrysler on the verge of a possible bankruptcy and/or bailout their situation is also dire.
Now the so-called knowledge workers are feeling the pinch. Sony is cutting 16,000 workers, and Silicon Valley companies that initially resisted the swooning of the economy are looking to cut costs and shed entry-level positions. As Reuters reported on Tuesday, people in their 20s are finding a college degree is no longer their golden ticket to a dream job in high tech.
Turkey and the trimmings may be some workers’ only comfort this Thanksgiving. With news earlier this week that more than 225,000 jobs may be axed in New York’s already battered financial industry over the next two years, the mood of uncertainty hanging over Wall Street seems unlikely to dissipate anytime soon. Heck, it’s almost enough to make you lose your appetite.
But gloomy projections aside, there’s no shortage of ways to prepare for the worst. Online professional networks are an increasingly popular tool for job-seekers. As Reuters reporter Tarmo Virki writes, “The economic crisis slamming firms across the globe has sparked a spike in usage of professional networks . . . as people hedge against losing work and laid-off employees seek jobs.” Such sites can provide valuable networking opportunities and alert you to new job openings. LinkedIn, the industry’s leader, netted 25 percent more new users in September than expected, and has seen its membership leap to more than 31 million from 18 million at the start of the year.
In the 1987 cult classic movie “Wall Street“, Michael Douglas plays a ruthless stockbroker desperate to cash in on a seemingly endless supply of wealth and swanky perks lavished on hot-shot traders.
Ahhh, the 80s…
More than twenty years later, most would agree that corporate greed still exists — but the perks may be dwindling.
In these dismal economic times, nothing comes in handy quite like a 5-step program to reclaiming your bonus. Of course, delicacy is key. With job cuts spreading like wild fire and the Treasury’s seemingly never-ending bailout, everyday taxpayers aren’t going to be rooting for you and your six-figure paycheque.
But as Bloomberg‘s Michael Lewis cheekily points out, all is not lost. You just need to rethink your strategy:
It’s funny how the stock market manages to tell a story. This week’s euphoric pre-election surge is all but a memory now, with stocks back in their all-too-familiar slump. If Wall Street could talk, it would be saying: ”You’ve got your work cut out for you, Obama.”
Indeed, the President-elect faces what is likely the most daunting list of challenges ever faced by an incoming administration — and America’s precarious job situation is chief among them. A report by outplacement firm Challenger, Gray & Christmas indicates that planned layoffs surged to their highest level in nearly five years during October, with cuts in the finance industry leading the way. Meanwhile, the private job sector took a hit to the tune of 157,000 lost jobs last month, with signs pointing to further deterioration to come.
There’s no question Wall Street is undergoing a transformation of sorts with the recent rash of job losses and do-or-die consolidations. But once the dust has settled – what then?
It just may be the start of Wall Street’s warm and fuzzy rebirth, Forbes reports.
Beaten-down brokers are weighing the benefits of staying at Wall Street mammoths Morgan Stanley and Merrill Lynch in a time when even the big guys aren’t so safe anymore. Turns out, well-established firms are still attractive to many brokers even as some decide to break ties altogether to set up their own shop.
“Merrill advisors are looking at the prospect of working for Ken Lewis and Bank of America and fear they will find themselves in a cost-cutting mentality,” says Howard Diamond, CEO of Diamond Consultants, a New Jersey-based financial services recruiter.
John A. Challenger is chief executive officer of global outplacement and business coaching consultancy Challenger, Gray & Christmas, Inc. The opinions expressed here are his own.
The turmoil that is shaking Wall Street to its core could eventually go down as the worst financial crisis in American history. We are already hearing comparisons of the current situation to the bank failures and stock market crash that ignited the Great Depression in the 1930s.
NEW YORK, Sept 18 (Reuters) – New Yorkers who frequent Gotham’s most lavish parties fear the good times are over. The economic downturn of the past year left many of the city’s richest unscathed. But the swift demise of some of Wall Street’s most historic firms has erased immense wealth and challenged a sense of security for even the moneyed classes.
“It’s the end of an era,” said party-goer Melissa Berkelhammer at an event at New York’s Plaza Hotel this week. “Everything was going so sky high that everyone had to keep redefining what luxury was.”