'Bullish Thinking: The Advisor's Guide to Surviving & Thriving on Wall Street', by Alden Cass, Brian F. Shaw and Sydney LeBlanc, outlines practical and profitable strategies for dealing with the emotional challenges facing those who earn their living in today's cut-throat financial markets.
Merrill Lynch posted its first-quarter earnings Thursday. Although by no means a disaster (given the challenging market environment), Merrill has confirmed that 3,000 more jobs will go. The headcount reductions, which will begin shortly, will in the main come from the firm's investment banking division.
It's the picture that they didn't want you to see. Merrill Lynch had just posted it's first-quarter earnings (of lack of) Thursday, and the mood was stark as the firm had also announced 3,000 more job losses.....
Here's a selection of reader comments on the 'Laid Off & Mad As Hell' story we ran earlier this week.
The Wall Street Journal reports that Citigroup came out Friday and posted its second-straight quarterly loss, after booking writedowns of more than $13bn. CEO Vikram Pandit has vowed to slash costs and is reported as saying that 'it is clearly feasible for us to take 10, 15, 20% off our cost base, especially in information technology and operations'. Tens of thousands of job losses are now likely to go across the board.
Isn't it interesting how, with the benefit of hindsight, something that was viewed fairly negatively at the time can look altogether different a few months later. Especially in the world of the financial markets. Take that deal that resulted in the carving up of ABN AMRO, for example.
Nancy Kissell was sentenced to life in prison in Hong Kong in 2005, after being convicted of the 'milkshake' murder - the 2003 killing of her husband, Robert, who was a senior Merrill Lynch banker.
The Financial Times reports that JPMorgan Chase's first-quarter profits came in 50% down at $2.4bn, as it marked down $2.6bn in leveraged lending and mortgage assets and $2.5bn in increased provisions to cover expected losses in its consumer finance division. The investment banking division lost $87m in the quarter, compared to the profit of $1.5bn it posted in the same period last year.
With thousands of bankers facing the axe, we thought it would be interesting to seek the view of our readers to see what their ideal job would be in the event that they get laid off.
CityAm reports that a former Lehman Brothers Japanese equity salesperson (we have her name, but will not release it), has just got a new job as a trolley-dolly at Virgin Airways, after leaving the investment banking industry. Good luck to her. Wags suggest that she'll probably bag a bigger bonus at Virgin anyway.