The depressing news on Lehman and Merrill Lynch has got me thinking (read: worrying) about I-banking's future. There's no sugarcoating the fact that last year, the five of the biggest banks on Wall Street were Goldman Sachs, Morgan Stanley, Bear Stears, Lehman Brothers, and Merrill Lynch. Now 3 out of those 5 are gone.
What exactly is in the cards for finance guys coming out of business school who want to go into I-banking? I can imagine tons of offers being rescinded in the upcoming weeks/months. I guess this will put a lot of pressure on the other major career choice for top B-school candidates: consulting. Now it will be that much tougher to get into consulting as well. Plus with a weak economy, I can imagine consulting hiring will be down as well. This really sucks!!!
This from a Chicago GSB student posting on GMATClub:
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Today during a part of our orientation, we had a Finance professor explaining some courses of the curriculum, he started saying:"As you may notice, we have 2 major sub-concentration, one is for those who want to go to Investment, Portfolio and Risk management - also called sometimes as Capital Markets. The second I might as well not spend your time talking about as there are no jobs available, people call this sub-concentration Corporate Finance, and those who studied it used to be called Investment-Bankers."
Then, he said out loud: "For those who want to change careers to IB it's going to be tough, and my advise is not to do so, but as everybody says here: You know You best."
I didn't know if I was supposed to laugh or cry. But it's true, it's going to be HARD, extremely HARD for those seeking banking.
*****************************
So when will the finance sector start to recover? When will banks start hiring again? 2011, 2015, 2020, never again...? We'll just have to wait and see, but waiting of course is the hardest part. The future of I-banking looks bleek.
I found a really clever presentation through BW forums for anyone looking for a simple explanation of the mortgage mess that got Wall Street into so much trouble:
http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli=1
It sure cleared up any confusion that I had regarding the current situation. Doesn't make things any better, but it may bring a smile.
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