No matter how angry the rest of the world is at them, downsized financial workers aren't moping. In Asia expatriates are not packing up and going home but are moving to cheaper neighborhoods and looking for management consulting jobs at the likes of McKinsey & Company, Bain and BCG, reports the Straits Times. Gary Lai of Robert Walter, a global search company says the now-skeletal banks need help. It looks like their ex-employees are giving it. Is there some irony here?
In London, some bankers with good severance pay, bonuses, savings and an ability to play the stock market, are doing the "ladies who lunch" routine- taking time to hang out with each other over pleasant meals and working out more. Wives and girlfriends aren't impressed; the guys may be around during the day, but they are stingier with gifts.
Finance Jobs are Non-Existent
However, many one time financial workers are getting away from it all altogether, writes Josh Partlow in the Washington Post. Deutsche Bank strategist Rod Manalo who was fired from his position as vice president in risk arbitrage, is aiming to take a year-long journey to the Amazon, Antarctica, Australia and anywhere else that takes his fancy. He shrugs, "Decent finance jobs are non-existent. Few hedge funds and no investment banks are hiring. If I were to find a job, I'd fear losing it again, would continue to watch markets drop and would expect little or no bonus."
According to the Washington Post, Toronto native Alex Iscoe, 28, has gone into mountain climbing. He's already conquered Mount Rainier, Mount Elbrus, Argentina's Aconcagua and Antarctica's Vinson Massif and is going on to attempt Alaska's McKinley, Australia's Kosciuzko, Kilimangaro and, of course, the biggest of them all, Everest. When he's done all that he'll look for a job.
Started Businesses
One UK banker has apprenticed himself to a sculptor, while others like Bear Stearns alumnus Josh Leposer and hedge fund veteran Raphael Rottgen have started businesses. Leposer's selling Greensoul Shoes made from recycled garbage (stylelist.com) and Rottgen's started a Brazillian mortgage company.
Those actively looking for work still attend pink slip parties although Joshua Persky took a different tack, according to a December 14, 2008 article in the New York Times. He achieved fame, if not immediate fortune, by wearing a sandwich board saying, "Experienced MIT Grad for Hire" and handing out resumes to passersby. It worked. He's now senior manager doing evaluation work for Weiser LLP.
Severance Pay and Bonuses
While many bankers are using their severance pay and bonuses to travel and start businesses, others saved. Even those left behind have turned the situation into a party or have adopted novel ways of getting attention.
Ann Berkeley - Over some years, I covered major news events - the capture of James Earl Ray, Martin Luther King's murderer, the hippie phenomenon, the ...
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