I lost my 225k job – laid off as part of 90% layoff in the team at one of the top IB shops. Back to resume updates, hopping across job boards and careers section, answering recruiter calls, uploading resumes, worrying about the cyclical hiring lows for the year, worrying about worsening next year, worrying about bank balance, comforting the worried spouse. The leads have not been encouraging; none of the big shops have shown interest (despite having stellar resume), unable to judge who is hiring… Silver lining: Time for some games, time with children, cfa prep during the day.
Subprime fallout?
Join a hedge fund.
didn’t you get a handsome redundancy package? over here, its everyone (my n mates) dream to get laid off, only cos we’d be entitled to quite large redundancy packages… my girlfriend is being laid off, and they are paying her more than half a year’s salary in a lump sum…
The only thing that sucks about this is that being laid off in June would be preferable (summer weather). Having said that, free time over Christmas is not so bad either, especially if you have kids. Hope your worries do not interfere with spending quality time with your spouse. If they do, think Cialis, my friend …
Welcome to the beginning of a new life…
Oh yeah, and when you run out of things to do, check out the “Honest question” thread on this forum: http://www.analystforum.com/phorums/read.php?1,98550 Bluey 1.8T has some good advice there towards the bottom …
hmmmm that thread seems to have been deleted… i…wonder…why…hmmmm
Similar scenario for me at a small hedge fund. Come end of the year I am out of a job.
once recession accelerates, hedge funds will close shops big time. They will get burnt in the absolute returns game. that is not really a good place to hide. compliance and risk mgt could get hot
Lol… Get your b-school apps in early…
Well, if you were making that much money at IB and you are in CFA program, I am sure you know much about finance and saved for rainy days/had back-up plan. If you did not, you were well overpaid.
Got plenty of jobs at my place, if you want to do investment accounting/software. The pay is decent considering. If interested email me. I’m in CT.
zigy Wrote: ------------------------------------------------------- > Well, if you were making that much money at IB and > you are in CFA program, I am sure you know much > about finance and saved for rainy days/had back-up > plan. If you did not, you were well overpaid. This is true. I treat earnings in this industry the way an athlete would. An athlete can blow their knee out anyday and be done for the rest of their career. We can all be at the wrong place at the wrong time (ie junk bonds in late 80’s, research in early 00’s or structred finance/MBS’ today). Hence, I believe in saving alot!
thats a good tip halifax… i think i should start saving but funny you say that about being in wrong place at wrong time… last year i went for a FO position at a local hedge fund… i JUST missed out, i got to final interview, and it was between me and one other person… well just a few months ago, during the start of the credit crunch, said hedge fund was all over the news as it was the first local hedge fund to crumble… so, as much as it sucked, it was good i didnt get the job otherwise i woulda lost it almost straight away
Live on your base, save and invest your bonus (though flowers for the wife/hubby are acceptable). Unemployment really sucks, though. I feel for you… no man/woman is an island. The worst ravages are on your psyche and self esteem (assuming you have been sensible about saving for a rainy day).
>The worst ravages are on your psyche and self esteem (assuming you have been sensible about saving for a rainy day). Absolutely true. They always say, “It’s not about your performace.”, but you always wonder what you could have done differently.
Join a consulting firm (not personal, but corporate)- steady work and potential for great pay down the road after paying your dues