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Old 27-01-2012, 07:40 AM
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Those who were cut during the Lehman crisis quickly found work in at most 6 months, so what's there to be afraid of?

People outside of finance tend to exaggerate such job cutting news to psychologically compensate themselves for not having the good fortune of landing a job in finance.
This time its quite real though, and to deny it is naive.

My [front office] sector has seen quite a bit of cut backs throughout the industry, and banks like RBS have closed entire divisions globally.

The problem is that, if you do get cut now, likely you are out of the industry for a while because no one is hiring, and you hope that your retrenchment package is enough to tide you over to the next job.

Had a friend below 30 who was earning $15k a month, and was retrenched during 2008. He had no retrenchment package and was stuck jobless for almost 2 years before he got lucky and found a job paying $10k+. Before that, he was only getting offers of between $4 to 6k.

You have to remember that top paying jobs are still scarce, and if you lose yours its not easy to get another one in this environment. If you take a $4 to 6k job, it resets your salary scale and its hard to climb back to where you once were.

So no, I wouldn't underestimate this cycle.
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