While it sucks to be going through these times, we need to band together and stay positive. We also need to get working on Plan B. A failure of another major investment bank is going to dramatically change the industry. Those six-figure bonuses of the past - you can forget them for a very, very long time. Ain’t happening. That said, the glamour of working in the industry is virtually non-existent, and I feel that as a research analyst, I’m no better than someone working in another industry, say technology, or healthcare, etc. Despite my LEH RSU’s being worth virtually nothing, I’ve managed to sock away a good chunk of coin over the past 8 years and the prospect of being unemployed with the likelyhood of not receiving a severance package should LEH file chapter 7 does not scare me. I will survive, and I will value the time off. I have been wanting it for a very long time. I’ve been working on a Plan B since the demise of Bear Stearns. I am headed to Asia next Monday (should there be no job) and I will work in a family asset management business for a while until market conditions improve. I may travel a bit for a month before I start. A total failure of LEH could trigger the collapse of other banks (MER, etc). Tomorrow will likely be an ugly day in the global markets. Buckle up. I will be watching football all day today and don’t expect to walk into the office tomorrow or turn on the tv or check up on the markets.
pimp - tough stuff - best of luck
who is your football team? go COLTS and go PATRIOTS pimp, if you want to work in boston, let me know. I can maybe put you in touch with headhunters and recruiters here
I dont know for you guys, but for me the more I read the news and the more I get down, it seems that the “good” finance industry that we were used to seee in the past is gone… it seems exactly a second '29! I hope everyone will go through this period…at least it will make us stronger! Good luck to everyone!
taking some time off. Kind of sucks because I am getting married on 20th. Just going to stay applying for another job if things get bad. I should not have a tough time but just not fun interviewing. I left Bear and was not looking to do this all over again. I have worked for 3 BB’s in last 6 months. Not something I care to talk about.
Why would Merrill fail?
I dont think he meant ML directly but other finance related firms
MER is likely toast monday if leh does a belly flop
Wall Street Prepares for Potential Lehman Bankruptcy
link? i am too busy trying to drink beer, eat pizza, follow the LEH story, and 2 football games, and the red sox, plus the blackberry and facebook are off the chain : ) -
Banks, Brokerages Prepare for Possible LEHMAN Bankruptcy Before Midnight… Developing… ON THE BRINK… BARCLAYS Abandons Talks… Feds Balk at putting up taxpayer money…