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Re: Sub prime/credit crunch fallout - are you worried? (response to post by Stroker_Ace) | Reply
Perhaps these thoughts from David Mitchell will reassure you (warning: a bit of coarse language).
Re: Sub prime/credit crunch fallout - are you worried? (response to post by d000hg) | Reply
I am still in financial services. I was planning to jump ship to one of the banks but am going to stay put until at least the end of the year.

I work directly opposite the ex Lehman Brothers office and since my original post there have obviously been a lot of people leaving the building carrying cardboard boxes.

I did have a flurry of recruitment consultants call me about two months ago but things seem very quiet at the moment.

A lot of my friends work(ed) in banks. I would say about 30% are now out of work.
Re: Sub prime/credit crunch fallout - are you worried? (response to post by d000hg) | Reply
I can also note the company referenced here no longer exists.

But, it was the pound that crashed so working for the same rate, I actually get 33% more working on dollars than I used to.
Re: Sub prime/credit crunch fallout - are you worried? (response to post by Stroker_Ace) | Reply
Well nearly a year later and things are maybe 10X worse... huge layoffs in finance companies in the City (London) especially banks, as they focus only on core projects.

Does anyone on this forum still work in this sector after the last few months?
Re: Sub prime/credit crunch fallout - are you worried? (response to post by Stroker_Ace) | Reply
I noticed that too.

Actually, I'm in my last year of studies (I did finance and for the last year I'm studying Informatics) and what I hear from friends (and see by myself) is that it's extremely tough to find an internship in investement banking. At least in France were I live, but I guess it's the same elsewhere (espiecially at London).

I can't say I'm worried about the future, beacause in my opinion, in times of crisis a lot of oportunities arise for people who can really offer something to add value. Still it's pretty clear that one have to accept worse conditions than before while entering the market.

PS. Could you elaborate a little more about what you're doing more precisely, and give me some useful facts and tips about industry of financial services (in private message if possible) ?
Re: Sub prime/credit crunch fallout - are you worried? (response to post by Stroker_Ace) | Reply
I guess the lack of activity on this forum illustrates the lack of activity in the job market.

I have noticed there aren't so many financial firms sponsoring TC competitions any more....
Re: Sub prime/credit crunch fallout - are you worried? (response to post by Stroker_Ace) | Reply
My last job was in this area but we were actually getting arguably more work. The big institutions need tools to try and predict/model/analyse the markets, and they also need tools to automate what people are doing.

I'm now more worried that the $ will crash and doing work for clients in the US (including TC) will either become unprofitable, or the work will just dry up.
Sub prime/credit crunch fallout - are you worried? | Reply
Is anyone that works in the financial arena concerned for their job given the current economic situation?

I would be interested to hear the opinions of those who work for investment banks and hedge funds etc.

I work for a financial services company and I am not too worried about my future because I work on one of our cash cows and am responsible the implementation of its replacement. If I worked elsewhere I would definitely be feeling a little nervous at the moment. I work opposite Bear Sterns London offices and there were some very glum looking people arriving for work this morning....
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