Archive for November 23rd, 2011

November 23, 2011

Wall Street jobs are being cut and ‘aren’t coming back’

by Grace

Wall Street job prospects are dim for college graduates

Much of the burden of Wall Street’s latest retrenchment has fallen on young financiers. The number of investment bank and brokerage firm employees between the ages 20 and 34 fell by 25 percent from the third quarter of 2008 to the same period of 2011, a loss of 110,000 jobs from layoffs, attrition and voluntary departures.

Young financiers have experienced setbacks in the past. Bankers and traders who rushed wide-eyed to Wall Street in the halcyon days of the 1980s were waylaid by the stock market crash of Oct. 19, 1987, known as Black Monday. Then they got pummeled in 2000 by the dot-com collapse and the recession that followed.

But experts say that today’s doldrums, unlike previous downturns, are here to stay.

“A lot of the positions that are being cut right now aren’t coming back,” said Leslie K. Hild, a vice president with the recruiting firm Right Management. “It’s an emotional roller coaster for almost everyone.”

At Harvard Business School, where a relatively high 39 percent of this year’s graduates went into finance, compared to 34 percent last year, there has been a “heck of a lot more anxiety” about next year’s hiring season, according to William A. Sahlman, a professor of business administration….

“People used to think of some of these organizations, like a Morgan Stanley  or a Goldman Sachs, as safe career bets,” Professor Sahlman said. “Those firms are not going away, but they’re going to hire half the people they hired before.”

Several large firms are not recruiting new entry-level analysts for their investment banking divisions this fall, having filled their entire incoming class with last summer’s interns. At the University of Pennsylvania, whose Wharton School is the closest thing that exists to a Wall Street farm team, Goldman Sachs canceled its informational session.

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November 23, 2011

Higher education bubble infographic

by Grace

From The Best Colleges

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