Reuters: Lehman and Merrill to pound already bloody job market

[marmar]

Lehman and Merrill to pound already bloody job market

By Jonathan Spicer


NEW YORK (Reuters) - The imminent disappearance of major investment banks Lehman Brothers and Merrill Lynch presents a double-barreled hit to an already wounded job market, and will likely depress salaries on Wall Street.

Lehman filed for bankruptcy protection after frantic attempts to find a rescuer failed on Sunday, while Merrill Lynch agreed to be taken over by Bank of America.

Headhunters and consultants said the U.S. financial services sector, already suffering from a glut of unemployed talent after shedding more than 100,000 jobs this year, must now brace for up to 50,000 more.

"The resume flow will start on Monday like there's no tomorrow," said Michael Karp, chief executive at executive search and consulting firm Options Group in New York.

"This is seriously going to impact compensation this year, across the Street and all over the world as well," he said.

"The golden years of compensation in the financial services industry are over, and it doesn't help with the Bear Stearns people still looking for work." .....(more)

The complete piece is at: http://www.reuters.com/article/domesticNews/idUSN1445414820080915

[SoCalDem]

1. They cooked the Goose that laid the golden eggs & picked her bones clean

:(

[monmouth]

2. I've been watching the trends since a friend lost her job and these

people have a horrid road ahead of them. My friend was associated with the trades here in Florida, she almost, out of necessity, applied for a job with Publix. Her resume is full and her experience is years and years of great recommendations. She was 6 months before even getting an interview, let alone a call back from anyone. My heart goes out to these people, it's going to be bad. More foreclosures, dropping of health insurance, etc.

[marmar]

3. Publix is a supermarket, correct?

n/t

[monmouth]

4. Yes it is, she was hoping to get enough hours to keep up with

her mortgage. Many of their employees are way over-qualified, losses of other jobs down here. Fortunaely my friend got a great sales position with a big AC company, but that is a very fragile and tenuous thing. They have laid off many techs and mechanics.