On Bloomberg TV this morning Meredith Whitney put it as
bluntly as it gets — laid off Wall Streeters need to lower their expectations
and take a pay cut. It's that simple.
Obviously this isn't what anyone wants to hear, but here's
what she said word for word:
“The problem to date has been that those that have been laid
off have been sitting on their couches because they do not want to take a
downgrade in pay. They are not going back to work and the longer you are out of
work, the more difficult it is to get a new job. My advice to them is take what
you can get. It is very hard to transfer skills from a high-paying job…so
recalibrate your expectations.
As if it could get worse, the famed bank analyst had more
dark words for Wall Streeters on top of that. Basically, that we’re only half
finished; more layoffs are coming, especially in investment banking.....
Read more:
http://www.businessinsider.com/meredith-whitney-on-wall-street-compensation-2012-7#ixzz22H6j2GFV
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