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Fall of the Investment Banking Giants

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  #1 (permalink)  
Old 15-09-2008, 06:51 PM
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Default Fall of the Investment Banking Giants

Just months ago, Bear Stearns, Lehman Brothers and Merrill Lynch were considered to be among the top 5 investment banks. They were the so-called bulge bracket firms - the premiere league players, the Ferraris, the LVs...

They are now all gone.

Bear was acquired by JP Morgan Chase for just US$10 a share in May 2008.

Merrill Lynch has just been acquired by Bank of American for a more reasonable US$29 a share, while the poor Lehman Brothers could not find a suitable buyer and had to file for bankruptcy - rendering its shares worthless overnight.

Many employees may be retrenched soon.

With Citigroup shaky, this recent turn of events leaves the world with just 2 ibanking giants - Morgan Stanley and Goldman Sachs.

If you're an ibanker, consider yourself lucky if you work for MS or GS. Hold on dearly to your jobs.

For those who will be displaced, take care. Hope you have enjoyed yourselves and saved up a bit while the good times lasted.

Maybe an investment banking career isn't that good after all. See my previous posts on ibanking:

- Smart students - choose investment banking
- Short career in I-banking
- Investment banker gives advice


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  #2 (permalink)  
Old 15-09-2008, 06:59 PM
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Default 2678

Let's see how GS and MS are doing in their upcoming quarterly reports.

There are other smaller ones also that seems to be doing alright, e.g.: Barclays Capital. A friend of mine just got an offer from a private fund house to double his already-5-digit salary.

There's still hope out there if you have marketable skills and you network a lot.

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  #3 (permalink)  
Old 15-09-2008, 10:29 PM
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Default 2682

Well I always believe in saving up during the good times..You really never know when it will end!

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  #4 (permalink)  
Old 16-09-2008, 09:05 AM
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Default 2684

Wow time to watch the market crash and burn and then to pick up some bargains...I have been waiting since 911, not gonna miss this boat. Hurray!!!
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  #5 (permalink)  
Old 16-09-2008, 09:34 AM
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Default 2685

Well, maybe it's time for new IBs to come up. Investment banking will always come and go, cos people are innately greedy.
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  #6 (permalink)  
Old 16-09-2008, 10:00 AM
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Default 2686

Market is crashing and burning..Was too young during 911 to do anything but my reserves are ready..I ain't gonna miss this boat. =)
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  #7 (permalink)  
Old 16-09-2008, 10:08 AM
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Default 2688

this is jux the start of a crisis. a global contagion which is, at best will be short and sharp; at worst a long protracted depression.

noone will be spared. banks and financials are the first to be hit and adjust, followed by the other sectors and lastly common folks on the street.

im not very optimistic about the outlook for sg in the next 2-3 years. call me a pessimistic bear but history, facts and figures do not lie.
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  #8 (permalink)  
Old 16-09-2008, 02:04 PM
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Default 2690

Yet another reason to always strive to be a cut above one's peers. When the job market gets worse, only the best can survive. Networking and building and demonstrating expertise remain key.
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  #9 (permalink)  
Old 16-09-2008, 08:59 PM
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Default 2692

And.... Goldman Sachs's earning fell by 70%. Damn. http://www.cnbc.com/id/26733548
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  #10 (permalink)  
Old 16-09-2008, 11:42 PM
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Default 2694

It's times like this that makes man on the street like you and I feel better. IBankers have been having it too good for too long. At least we are all equal now. To the IBankers who have been treating us peasants as peasants, driving their fast cars and snatching our girls.....every dog has its day! ha.
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