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Investment Banking Today

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Investment banking remains a desirable job for persons with a passion for finance and a desire for high pay, but a sense of panic seems to have overtaken employees in the financial world of late. Is it still worth anybody's while to cast a job net in this direction? The following article reviews the current challenges faced by investment bankers.

People who look into investment banking as a field are often attracted to its extreme and volatile nature, knowing that it often yields high dividends. Nowadays, investment banking is admittedly at a low point. According to the New York Times, layoffs in the thousands have spread over Wall Street like a rolling fog since last August, and many more are set for the future. According to Reuters, Citigroup, the largest US bank, is set to cut 10% of their investment banking unit — that’s about 6,500 people. Reuters also reports that Canadian firms such as the Bank of Montreal intend to cut hundreds of jobs from their investment banking divisions. And the Times recently wrote up the antics of one Joshua Persky, a former Wall Street investment banker who, upon reaching month six of unemployment, decided to stand on Park Avenue ensconced in a sandwich board with the inscription, ''Experienced MIT Grad for Hire.'' With the field shrinking, traditional job-searching just isn’t doing the trick for some. Job seekers like Persky face an uphill battle.

If investment banking is something you’ve always wanted to do, seek consolation in the fact that the Wall Street job market experiences cycles of growth and contraction. Yes, the sector has had to endure the Great Depression, the market crash of 1987, and the burst of the dot-com bubble, but there have also been remarkable periods of success and affluence intermingled in the field’s long history. When you work in finance, it is part of the job to understand that the tide of the economy ebbs and flows. The smart employee knows how to handle both ends of the cycle.



Opportunities within the realm of finance exist for persons interested in investment banking who are having difficulty finding a job because of the current circumstances. Employment and management expert James Peter Rubin, writing for Wetfeet.com, recently quipped, ''Opportunity can spring from dark times.'' He suggests that displaced I-bankers look toward financial sector positions in hedge funds, private equity, or venture capital. According to Rubin, out of work bankers should also think about working as the finance person at companies in other fields or at non-profits. And if all else fails, you might finally have found your excuse for pursuing dormant interests in more creative fields like cooking or the arts.
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 investment banks  bank  Wall Street  job market  economy  managers  Great Depression  Canada


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