As the recession looming, the New York’s Wall Street is slowly losing its reputation as a reputable center of economic and provider of jobs and employment opportunity to local and foreign talents.
Many of the employees are beginning to desert the city to start a new life somewhere else, including both laid off people as well as those who are still working but concerned on their future fate and welfare.
Merger, acquisition and layoff are the orders of the day, with major financial companies drawing their strategy to avoid financial collapse and help them returning to profitability. Whatever means they have chosen, more often than not, the actions will translate into people losing their job and source of income.
Even the biggest financial firms such as Citigroup, JP Morgan, Merrill Lynch and Bank of America are not spared from financial headaches. Lehman Brothers, once a Wall Street’s landmark, suffered the worst fate after declared bankrupt two months ago, leaving more than 15,000 of its employees jobless overnight.
Bankers and investment brokers are looking for ways to escape from the continued financial meltdown in New York and have chosen cities like Chicago, Milwaukee, Florida, Virginia and even in some Asian countries instead to start a new job. Definitely, some of these people are high flying executives in their firms but unfortunately have landed themselves in a wrong place at a very wrong time.
If there is any consolation for them, many smaller firms and companies outside of New York will be more than happy to take them in, but they may have to settle for lower salary and compensation.