Since the dawn of humankind, Wall Street has abided by a
social-professional compact. It goes something like this: give us your
twenties, and a chunk of your thirties—eh, throw in some forties for good
measure, Businessweek writes. Be sure to
put in countless 92-hour workweeks, including all-nighters, and ideally the
loss of all hope for your starter marriage. In exchange, we’ll make sure you’re
financially set for life, complete with 24/7 use of our car service.
That deal, like unlimited wireless data and the internship
booze cruise, is having a hard time surviving this Great Recession. Even as the
banks have been bailed out, and money now costs next to nothing, the overriding
economic torpor means there just isn’t enough business to go around. Dealmaking
is nowhere near buyout bubble levels. Ditto trading volumes: Across the Street,
revenue from investment banking and trading fell for the seventh time in eight
quarters. Europe could be the new Japan. And now China’s slowing?
Put it all together—and borrow the classic euphemism—and the
investment banks are now right-sizing their ranks. With first-half revenue at
its lowest level since 2005, Goldman Sachs (GS) is hunting for $500 million in
additional cost reductions….
Read it and weep at http://www.businessweek.com/articles/2012-07-19/open-season-on-wall-street-jobs
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