February 28th, 2009, 12:50 pm
QuoteOriginally posted by: twofishThe good news is that I think that there are going to be jobs long term, and things are going to be roaring back, once we actually have hit bottom.It's not like some industries where people are showing up to work with nothing to do. With all of the cuts, people are going crazy trying to have one person doing work that should be done by two or three people.This perception is due to the following: in many places, the cuts were uniformly in all business areas. Even when cutting, one must diversify. Many businesses were/are doing well (viz FX, commods, etc), but nonetheless they had their share of the cuts. In those businesses, there are more work to do than people to do it as you noticed. But there are business where deal flow is *considerably* slower than a few months ago (though one see things slowly coming back). Some banks were radical enough to simply exit those businesses (eg: Structured prodcuts at UBS, prop at JP, etc) , but others are waiting for the mkt to bottom so they can roar back with additional mkt share.