Friday, October 24, 2008

Young former Wall Street workers ponder their next move

The Times has a lengthy piece today on the recent college graduates who suddenly find themselves without jobs on Wall Street:

Mr. Menzul, 22, is among the untold numbers of young finance types caught in limbo by the economic crisis, yearning to stay in the nation’s financial heart yet fearful that no market rebound is in sight. It is impossible to gauge how many such strivers are leaving New York or considering it. But interviews over the past two weeks with affected workers and recruiters revealed an emerging portrait of newly minted college graduates suddenly jobless in a frightfully expensive city, and forced to contemplate a change in career — or address.


Adjina Dekidjiev, an operations manager at Manhattan Apartments Inc., said she had been seeing more people trying to break leases, some leaving, some just looking for cheaper places to live.
“A lot of people are doing their math, asking, ‘How can I stay in the city, for as long as possible, and try to find a job?’ ” said Win Hornig, who started the blog after being laid off from JPMorgan in September. “People are definitely going to leave the city if the market doesn’t come back. It’s just too expensive.”

And before you make a smartassy, ha-ha comment, the Times wants you to understand this:

Many in New York have delighted, at least a little, in a sense of schadenfreude over investment-banker woes, having viewed them as a greedy breed that helped homogenize and gentrify the city. But the market crisis has already had widening ripple effects, and many young people working in jobs related to the finance sector were never making a mother lode.

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