Even veterans with a quarter-century of experience on Wall Street have been shocked at the speed at which the industry changed last year. Many of the world’s oldest, most respected institutions vanished, along with tens of thousands of banking jobs. And while many insiders feel that Wall Street will never be the same, there are pockets of opportunity, moving forward, in this new world.
The most promising trends for investment banking jobs, according to an article on CNBC.com, fall into three categories: 1) there will be a surge in demand for qualified investment advisors; 2) regional and smaller boutique banks will snap up a higher quality of worker than they could attract before; and 3) some of the refugees from Wall Street will use their financial expertise to grow other businesses.
As we’ve noted in previous posts, there has been a movement by professionals to join smaller firms that offer less bureaucracy and more of an opportunity for a single person to really make an impact on the firm’s business.
Some experts also think that Wall Street firms have overreacted in terms of layoffs, and will be caught short on talent when the economy does finally turn around. The article quotes John Challenger, of Challenger, Gray & Christmas, a nationwide executive outplacement firm as saying: “Times rise and times fall and it always feels during the depths of the recession like it’s never going to return. Certainly the landscape will be changed and maybe the jobs will be spread out to other areas of the country and the world. … But I’m not convinced the jobs have disappeared forever.”