Investment banking jobs and work experience requirement

You tube vid: Laid Off By Lehman: One Broker’s Story

Great lines:

“I might have to scrape by on a couple of hundred grand “

“Today I gave myself my first rub and tug “

:laughing:

HG

Good find HG.

Daddy’s a pro harp player, thanks for askin.

But yes, something to consider, if sitting on my a*** all day surfing the infomashun superhighway doesn’t work out.

Happy job hunting.

Here’s today’s news. . .

[quote][color=#BF0000]Citigroup, widely seen as the sickest Wall Street bank, will make some of the most severe cuts in the history of U.S. business — 53,000 jobs [/color]— as it tries to slash costs and get back to basics before it’s too late.

The cuts, which [color=#BF0000]will leave Citi about 20 percent smaller[/color], are the latest step in a stunning remaking of the American banking landscape since the financial meltdown, an upheaval that has included the demise of storied investment houses and the conversion of others into commercial banks. . .

Citi’s cuts are the second-most on record. IBM announced in July it was cutting 60,000.

At its peak in 2007, Citi had 375,000 employees.

About half the cuts are expected to come from selling off parts of the business. The bank has already said it would sell Citi Global Services and its German retail banking businesses, and it plans to unload more, a spokesman said. . .

“The shocking thing is that the Wall Street business model, prior to September, is effectively gone. We don’t have any more independent investment banks,” said Lee Pinkowitz, an associate finance professor at Georgetown University Business School. . .

“Why the heck do they need 350,000 people to start with?” said Robert Howell, a finance professor at Dartmouth’s Tuck School of Business. "It’s always been way overstaffed. . .[/quote]

google.com/hostednews/ap/art … QD94H009O0

And yesterday’s. . .

[quote]UBS, the Swiss banking giant, joined Goldman Sachs in saying on Monday that its [color=#BF0000]top executives would get no bonus this year[/color]. . .

UBS made the announcement a day after [color=#BF0000]top executives at Goldman Sachs sent a request to directors asking that they receive no bonus pay for their work in 2008[/color], a company spokesman said. Their request was granted, he said.

The moves by UBS and Goldman Sachs turn up the pressure on their competitors, including Morgan Stanley, to take similar action as they decide on year-end bonuses. Last month, Josef Ackermann, the [color=#BF0000]chief executive of Deutsche Bank, announced that he would forgo his bonus this year [/color]as “a very personal sign of solidarity.”[/quote]
nytimes.com/2008/11/18/busin … ldbusiness

here we go again… :unamused:

Wouldn’t like to be a Porsche dealer this January…

But if you were cashed up you could be picking up Porshes for a song.

Grim, grim days. While there’s no doubt some justifiable schadenfreude watching bankers turfed out of their expensive homes, it’s sobering to reflect on the fact they just happened to be closest to the water when the tsunami hit. these job losses are still to come for the rest of the planet.

HG

[quote=“Huang Guang Chen”]You tube vid: Laid Off By Lehman: One Broker’s Story

Great lines:

“I might have to scrape by on a couple of hundred grand “

“Today I gave myself my first rub and tug “[/quote]
Add to that: “Paying bums to blow each other. It never got old” :laughing: