In December, 2008, the Wall Street Journal invited eight investment bankers who had lost their jobs to chronicle their efforts to find new ones in a blog called Laid Off and Looking. All of them had MBA degrees; five had worked in finance at big banks and they had all been unemployed for an average of nine months.
In perhaps another sign that things are beginning to thaw in the financial sector, the Journal reports that half of the original eight bloggers, and three new ones, have found full-time jobs. However, many made significant compromises to land that new job, including taking pay cuts that ranged from 35 percent to as much as 80 percent.
Some took jobs at smaller firms; four changed industries completely. One candidate landed a 40-hour-a-week consulting job, but it doesn’t provide benefits. Others rejected offers that would have required too extreme a pay cut.
Investment banking jobs are out there. But tradeoffs and compromises have become necessary to land them, says Rob Saam, a senior vice president at outplacement firm Lee Hecht Harrison.