"Only 20% to 25% of Lehman employees will eventually land Wall Street jobs"

[w¡n9Nµ7 §£@¥€r 123]

NEW YORK (CNNMoney.com) -- Lehman Brothers employees face the bleakest employment conditions in recent Wall Street history, and experts say there will likely be more painful financial sector job losses to come.

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"Most people are assuming that they're out of a job at Lehman Brothers," said David Schwartz, head of executive search firm DN Schwartz & Co in New York. Schwartz said he wouldn't be surprised if upwards of 20,000 Lehman workers lose their jobs. That would amount to more than 75% of the company's total workforce.

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"Unfortunately, we've not seen the end of the layoffs on Wall Street and I think it's going to get worse before it gets better," Schwartz said.

Other experts also said the worst is yet to come. Between now and the end of the year, "the Wall Street layoffs are going to be enormous," according to Bernard.

Unlike past downturns, this will not just be a period of cutbacks, Bernard said. Rather, "the [financial] industry is going to be shrinking and shrinking rapidly."

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The pain has been particularly acute on Wall Street. Investment banks and brokerages there have shed about 9,300 jobs, or roughly 5% of their workforce, according to August's figures from the New York State Department of Labor.

And those who are currently, or are about to be, out of a job are facing the bleakest employment conditions in recent Wall Street history. "Only 20% to 25% of Lehman employees will eventually land Wall Street jobs," Bernard said. "There are just not that many jobs."

"It's like a game of musical chairs with too many people chasing the jobs that are left," Challenger added. To top of page

http://money.cnn.com/2008/09/15/news/compa...sion=2008091513

[payxibka 10,045]

but I assume most will get comparable jobs (at reasonably similar salaries minus the Wall Street premium/excess).... the real measure of the strength of the economy

Edited September 16, 2008 by fwaguy

[w¡n9Nµ7 §£@¥€r 123]

but I assume most will get comparable jobs (at reasonably similar salaries minus the wall street excess).... the real measure of the strength of the economy

Maybe not. The industry expanded beyond the level that will be sustainable in the short term future. There is no way most of these guys will find comparable work.

The town I live in and surrounding towns are littered with ex-AT&T people who never managed to find anything comparable again. AT&T used to be huge around here and now it's nothing.

I fully expect to see the same thing with a lot of these Wall Street guys.

[alienlovechild 75]

And those who are currently, or are about to be, out of a job are facing the bleakest employment conditions in recent Wall Street history. "Only 20% to 25% of Lehman employees will eventually land Wall Street jobs," Bernard said. "There are just not that many jobs."

The TV footage showed mostly younger looking employees hauling boxes out of the offices. I can't help but feel a little bit Marxist in hoping these folks are forced to work in jobs beneath their dignity just so they get a taste of how the other half lives after making big bonuses up until recently.

Yeah, I would like fries with that . . .

[Trumplestiltskin 5,791]

And those who are currently, or are about to be, out of a job are facing the bleakest employment conditions in recent Wall Street history. "Only 20% to 25% of Lehman employees will eventually land Wall Street jobs," Bernard said. "There are just not that many jobs."

The TV footage showed mostly younger looking employees hauling boxes out of the offices. I can't help but feel a little bit Marxist in hoping these folks are forced to work in jobs beneath their dignity just so they get a taste of how the other half lives after making big bonuses up until recently.

Yeah, I would like fries with that . . .

There's a lot of waste in those commodities exchanges. When I worked for BP - most of the guys on the trading floor had black amex cards and would not only expense lunch for themselves at expensive London eateries (the corporate office had a pretty good in-house restaurant that was free for employees). My boss (who was clearly making a 6 figure salary) would even expense cups of coffee from Starbucks. He was a very weird individual.

[chri'stina 190]

"the economy is fundamentally strong"---

Don't you think there is a bit of a difference between saying that and saying what McCain actually said, "Our economy, I believe, still, the fundamentals of our economy are strong, but these are very, very difficult times."

If someone doesn't believe that the fundamentals of what makes our economy grow aren't strong, that's a sad view. Even Obama would believe that the fundamentals of what makes the US economy what it is are strong. But it's being twisted.

[payxibka 10,045]

The town I live in and surrounding towns are littered with ex-AT&T people who never managed to find anything comparable again. AT&T used to be huge around here and now it's nothing.

That is a signal of the strength of the LOCAL economy.... I am quite sure if those AT&T folk had opted to relocate they would have expanded there potential job base.

[SMOKE 1,426]

There's a lot of waste in those commodities exchanges. When I worked for BP - most of the guys on the trading floor had black amex cards and would not only expense lunch for themselves at expensive London eateries (the corporate office had a pretty good in-house restaurant that was free for employees). My boss (who was clearly making a 6 figure salary) would even expense cups of coffee from Starbucks. He was a very weird individual.

i saw one of those the other day, the guys bill was $23,550. i didn't think it was real..it was gotta spend $150,000 + a year to get one.