I heard from the grapevine from my firm that a lot of bankers are going to leave. The bonus they are getting is very little and its not worth the time and effort to do ibanking as an entry level job anymore. I heard associates were getting 30k-50k as a bonus this year. God knows what analysts are getting paid for a bonus.
Here’s the question… Where are they going? B/c Hedge Funds are closing shops and all the other opps are limited.
They’re bluffing…plus, for the most part, they all sat around and did nothing in 2008.
Morgan let go lots of bankers, 2009 gonna suck too in M&A…my friend in London just got laid off agree with TJR, they have nowhere to go…will have to get an involuntary pay cut
Ohhh, the humanity. They got paid for practically doing nothing and living a decent life. Considering a 50k bonus is more than the average American makes in a YEAR, they should just STFU and be happy they got something and aren’t out of a job. It’s amazing how entitled these idiots think the are.
spierce Wrote: ------------------------------------------------------- > Ohhh, the humanity. They got paid for practically > doing nothing and living a decent life. > Considering a 50k bonus is more than the average > American makes in a YEAR, they should just STFU > and be happy they got something and aren’t out of > a job. > > It’s amazing how entitled these idiots think the > are. +A lot.
atleast they still have their jobs. A few of my friends have been laid off in the last few months.
SeanC Wrote: ------------------------------------------------------- > atleast they still have their jobs. A few of my > friends have been laid off in the last few months. I work in structured finance and I’ve seen groups hammered. Many are 1/4th the size they were a year ago. I got a crappy bonus last year and potentially no bonus this year, my group may be cut again next week. I hope to not be part of the cut, but you never know. And you know what? If I get no bonus, but keep my job, I am happy. These spoiled ivy leaguers have no fricking clue about sacrifice. They think they deserve something without having to sacrifice or work for it. They are part of the reason why we are where we are. Fvck 'em.
Ibankers are nothing more than fancy used car salesmen.
mh7 Wrote: ------------------------------------------------------- > Ibankers are nothing more than fancy used car > salesmen. A lot of them add quite a bit. However, there needs to be a culling of the trash from the industry. Personally, anybody who was hawking CDOs and exotic mortgage RMBS needs to be fired and banned from the industry.
If deal flow is way down, they shouldn’t be working crazy hours.
mh7 Wrote: ------------------------------------------------------- > Ibankers are nothing more than fancy used car > salesmen. Where would you find somebody to explain the ins and outs of a new car without the salesman? Who would companies go to when they need capital? Commercial loan officers?
spierce Wrote: ------------------------------------------------------- > mh7 Wrote: > -------------------------------------------------- > ----- > > Ibankers are nothing more than fancy used car > > salesmen. > > > A lot of them add quite a bit. However, there > needs to be a culling of the trash from the > industry. Personally, anybody who was hawking > CDOs and exotic mortgage RMBS needs to be fired > and banned from the industry. Just noticed I put “hawking”…lol.
spierce Wrote: ------------------------------------------------------- > SeanC Wrote: > -------------------------------------------------- > ----- > > atleast they still have their jobs. A few of > my > > friends have been laid off in the last few > months. > > > I work in structured finance and I’ve seen groups > hammered. Many are 1/4th the size they were a > year ago. I got a crappy bonus last year and > potentially no bonus this year, my group may be > cut again next week. I hope to not be part of the > cut, but you never know. > > And you know what? If I get no bonus, but keep my > job, I am happy. These spoiled ivy leaguers have > no fricking clue about sacrifice. They think they > deserve something without having to sacrifice or > work for it. > > They are part of the reason why we are where we > are. Fvck 'em. Spierce, Which area are you in? I am currently on a buy side in the ABS group… What are your thoughts of where the market is heading?
swaptiongamma Wrote: ------------------------------------------------------- > Laid Off By Lehman: One Broker’s Story: > http://www.youtube.com/watch?v=mjX6aKLy2N4 lol fck these brokers and wholesalers
I dont see many bankers leaving but I do see a ton being laid off. The bankers that are still working and damn happy to have a job. I dont see them resigning anything soon if they can help it.
mh7 Wrote: ------------------------------------------------------- > Ibankers are nothing more than fancy used car > salesmen. Do you even know what investment banking is? Please…
numi Wrote: ------------------------------------------------------- > mh7 Wrote: > -------------------------------------------------- > ----- > > Ibankers are nothing more than fancy used car > > salesmen. > > Do you even know what investment banking is? > Please… Since I work at an investment bank, I feel as if I have a pretty good idea, yes.
krnyc2008 Wrote: ------------------------------------------------------- > spierce Wrote: > -------------------------------------------------- > ----- > > SeanC Wrote: > > > -------------------------------------------------- > > > ----- > > > atleast they still have their jobs. A few of > > my > > > friends have been laid off in the last few > > months. > > > > > > I work in structured finance and I’ve seen > groups > > hammered. Many are 1/4th the size they were a > > year ago. I got a crappy bonus last year and > > potentially no bonus this year, my group may be > > cut again next week. I hope to not be part of > the > > cut, but you never know. > > > > And you know what? If I get no bonus, but keep > my > > job, I am happy. These spoiled ivy leaguers > have > > no fricking clue about sacrifice. They think > they > > deserve something without having to sacrifice > or > > work for it. > > > > They are part of the reason why we are where we > > are. Fvck 'em. > > > Spierce, > > Which area are you in? I am currently on a buy > side in the ABS group… What are your thoughts of > where the market is heading? I think the revised TALF terms are interesting. You may start seeing deals flowing (although we had that Honda deal 2 weeks ago and another auto deal this last week). Rates still need to come down some, but overall, investors need to get their asses back into the market. They should invest but ask for better enhancement at the same time. It’s about time to stop pussy footing around deals and structure them correctly to mitigate risk.