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Newsletter for LHH New York City office (Go to: http://www.esnips.com/web/LHHNYCJMC) June 3, 2008
(Bloomberg) -- It's as if the entire workforce at Goldman Sachs Group Inc. and Morgan
Other Job Market
Stanley vanished in less than a year.
Connection Highlights…
From Tokyo to London to New York, financial companies announced plans to shed more than 83,000
jobs since last July as revenue and compensation pools evaporated, according to figures compiled
Job Fairs by Bloomberg. The dismissals range from 90 jobs, or 0.1 percent of the total, at London-based
HBOS Plc to about 9,160 jobs, or 66 percent of the workforce, at New York-based Bear Stearns
Employer of the Day Cos., which is being acquired by JPMorgan Chase & Co.
The cuts add up to 3.3 percent of employees at the 28 firms eliminating positions. That's significantly
“JMC Live” less than the market slump from 2000 to 2003, when 17 percent of banking and securities jobs in
New York were wiped out, data from the Bureau of Labor Statistics show. Given the record-breaking
Entertainment & Media losses of the past year -- banks and brokers have taken $383 billion of writedowns and credit losses
-- some economic forecasters and industry veterans expect the number of dismissals to increase.
Networking Group
``My guess is there's probably more to come,'' said Sanford ``Sandy'' Weill, chairman emeritus
Recruiter Panels of Citigroup Inc., who worked on Wall Street for 53 years, in a May 21 interview. ``I think this is
tougher'' than the last market decline, Weill, 75, said.
Special Topic Speakers New York-based Citigroup, the biggest U.S. bank by assets, has announced 15,900 job cuts
worldwide, about 4 percent of its employees.
Additionally we serve as New York's Outlook
the venue for several The retrenchment has affected positions as varied as biotech bankers, compliance officers and Latin
external professional America debt traders -- not just mortgage salesman and credit traders -- as revenue declines spread
networking groups beyond fixed-income. New York and London, the world's biggest financial centers, are bearing the
brunt of the firings, while employment grows in emerging markets such as Dubai and China.
including TENG (Tech
Exec. Networking New York has lost 10,000 financial services jobs since last August, a 3.5 percent decline, according
Group), MENG to the Bureau of Labor Statistics in Washington. Those figures don't tell the whole story
(Marketing Exec. because employees receiving severance remain on payrolls.
Networking Group), and The Independent Budget Office in Manhattan said in a report issued last week that it expects 33,300
FENG (Financial Exec. finance jobs in the city, or 7.1 percent of the total, to be cut from the peak in 2007. The industry lost
52,500 jobs in New York during the 2000- to-2003 market drop, or 17 percent, Bureau of Labor
Networking Group)
Statistics data show.
London will suffer 19,225 finance job reductions in 2008 and 2009, or 5.4 percent of the total,
according to estimates from the Centre for Economics and Business Research in London.
That compares with 15,340 jobs, or 4.7 percent, from 2000 to 2002, the CEBR's data show.
Blue Steps
Won't Match 2001
We have negotiated a 20% Job cuts in New York probably won't match those of 2001 and 2002, when losses accelerated after
discounted rate for LHH clients the Sept. 11 terrorist attacks, said Marisa Di Natale, senior economist at research firm Moody's
with Blue Steps the executive Economy.com in West Chester, Pennsylvania. She's forecasting that the New York metro area will
lose 45,000 financial jobs this time, or 7.7 percent, compared with 60,000 jobs, or 10 percent, in the
search web site owned and
previous decline.
operated by the AESC
(Association of Executive ``In the run-up to the dot-com bust, there was a very frenzied pace of hiring on Wall Street, and we
didn't have that this time around,'' Di Natale said. ``And in the last recession, there were a lot of back-
Search Consultants) which is
office jobs cut or moved overseas that never came back.''
their professional organization
made up of over 200 of the top Still, financial companies are suffering deeper losses than earlier this decade. Morgan Stanley
executive search firms. See and Bear Stearns, which remained profitable throughout the previous decline, reported their biggest
your consultant for details. losses last year. Merrill Lynch & Co., which had one quarter of losses in 2001, has reported
AESC has around 200 three straight unprofitable quarters.
member search firms, with Falling Profits
around 4000 consultants
``We've never seen writedowns like we're seeing now and such big losses,'' said John
around the world.
Challenger, chief executive officer of Chicago-based outplacement firm Challenger, Gray &
Christmas Inc. ``More job cuts will come. Even with the market's optimism recently, I don't think we
can safely say that we're out of the woods yet.''
Merrill reported a $2 billion loss in the first quarter, while profits tumbled 42 percent at Morgan
Stanley, 53 percent at Goldman and 57 percent at Lehman Brothers Holdings Inc. The four
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New York-based companies are the biggest U.S. securities firms.
Analysts estimate that revenue and profit will drop again in the second quarter. Three analysts are
predicting that Lehman, whose shares are down 45 percent this year, will report its first loss
since the credit crisis began.
``Salaries and bonuses are the largest expense that Wall Street firms have, and when they don't
make money, they have to look to cut,'' said Len Blum, 50, who has worked on Wall Street for more
than 21 years and is now managing director at Westwood Capital, a 13-year-old investment bank in
New York. ``People have a lot of fear of losing their jobs.''
`Waves of Firings'
The scale of job reductions doesn't yet mirror the scale of the financial losses, said Jeanne
Branthover, managing director of Boyden Global Executive Search in New York.
``I don't think the waves of firings have ended,'' Branthover said. Losses started in the credit markets,
and they're now ``going into all these other areas,'' she said.
As the outlook darkens, the pace of layoffs has increased. Zurich-based UBS AG and Lehman have
unveiled more job cuts this year than during 2001 to 2003. Morgan Stanley, after cutting 900 jobs in
2007, is shedding about 3,540 this year. Goldman, which didn't announce any dismissals last year,
has eliminated more than 1,500 positions so far in 2008.
``There are still more writedowns that may have to be taken,'' said Samuel Hayes, finance
professor emeritus at Harvard Business School in Boston. Banks and securities firms ``will throw
over people the way that they throw over any other cost,'' he said.
U-Shaped Market
Brad Hintz, an analyst at Sanford C. Bernstein & Co. in New York who is a former chief financial
officer at Lehman, said the recent job cuts in areas such as equities show that management
doesn't expect business to improve anytime soon.
``They seem to be positioning themselves for a U-shaped recovery, not a V-shaped recovery,'' Hintz
said.
At Columbia Business School in New York, none of the graduates taking Wall Street jobs, except
those who accepted positions at Bear Stearns, have had their offers rescinded or renegotiated as
they were in 2001, said Regina Resnick, managing director of the school's career-management
center.
``My anticipation is that we may see something more like what we had in 2002 or 2003, but we're not
there yet,'' Resnick said. Job offers for the school's 700 new graduates were ``down from the
summer of 2007, but it still was what we consider to be a strong year,'' she said.
That's no consolation for Tom Curialle, 50, a 20-year veteran of Wall Street who lost his job at
Bank of America Corp.'s asset-backed and mortgage-backed bond-sales division in October
and hasn't found work since.
``I would have to describe this as the most difficult period I've ever seen,'' Curialle said. ``Nobody
feels safe.''
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Career Events
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Learn more and fill out a simple application at our website.
www.networkofexperts.com
Plaxo Pulse http://www.plaxo.com/ The easiest way to stay connected is now also the easiest way
to share just about anything. Pulse now brings you "people feeds" from all over the web:
www.worldwit.org. It's a new design, new navigation and a ton of new content. But most excitingly for
us, our site now includes something that so many of our members have asked for: a careers site!
Our careers area, WorldWIT's Hire Ground, is the first online recruiting site that reaches women 'at
the intersection of work and life' with job alerts in the daily WorldWIT email digests. Jobs are also
posted on the searchable WorldWIT's Hire Ground website
http://newyorkcity.employmentguide.com/ bills itself as a portal for entry-level or a mid-management
positions. EmploymentGuide.com has got you covered. With our FastAPP feature we have made
searching for jobs faster and easier than ever. Simply complete an application and we’ll send it to
matching employers in your area.
http://www.janplace.com/ a site for those seeking opportunities in publishing, licensing, children’s &
family media, entertainment, interactive media, and related areas
http://www.gadball.com an excellent site that provides Free Job Search - over 100,000 Active Jobs!
Free Resume Distribution, Free GadBall Discussion Forums, Free Career Email Address, Free
Personal Email Address features links to For Sale Listings and many other types of information
portals from television/movie listings to the weather. It also has an online calendaring tool, news,
games, and entertainment links.
http://www.JobsOnWallStreet.com bills itself as the leading financial services online job board
http://www.efinancialcareers.com/ bank jobs, finance jobs, recruitment in the financial markets,
accounting and investment banking
http://newyork.craigslist.org/ another site that’s pretty cool. It bills itself as the following: craigslist is
about: giving each other a break, getting the word out about everyday, real-world stuff. restoring the
human voice to the Internet, in a humane, non-commercial environment. keeping things simple,
common-sense, down-to-earth, honest, very real. providing an alternative to impersonal, big-media
sites. being inclusive, giving a voice to the disenfranchised, democratizing ... being a collection of
communities with similar spirit, not a single monolithic entity.
http://www.worklife.com/ Worklife.com provides industry specific career channels with a wealth of
information tailored to your career goals. Select a career channel to research industry information,
search jobs and build your portfolio.
www.ComputerJobs.com Recruiting Trends reports that ComputerJobs.com, an employment website
for Information Technology (IT) professionals and those who employ them, has launched a new web
site where IT professionals can discuss their careers, technology, current events, and more. The new
community called "The ComputerJobs.com Community," also offers employers resume keyword
searches, and job seekers the ability to search for high tech jobs on www.ComputerJobs.com.
http://www.teamworkonline.com/ a listing site that focuses on jobs in professional sports with teams,
offices, and connected entities (sports management, sporting goods, etc.). Here’s what they say
about themselves: 71% of the jobs posted here were filled by online candidates!
www.WomenSportsJobs.com currently has over 1,000 jobs posted in the following fields: Sports
Marketing, Sales, Advertising & Promotions, Public Relations, Sports Media, Broadcasting, Facilities,
Sports Events & Operations, Recreation, Health & Fitness, Website, Technology & Computers
http://www.job-hunt.org/ a terrific informational resource for job seekers
http://www.hightechny.com/ NY Labor Bureau site for IT employment (thanks Jay Colan)
http://www.ithotjobs.com/ bills itself as “ITHotJobs.com launched in 2001 to assist BIG 4, Top Tier,
Software 500, Fortune 1000 IT job seekers most impacted during the downturn has grown to
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286,000 members and is utilized by over 9,775 IT specific recruiters.”
http://www.jobcircle.com/ JobCircle.com currently operates in CT, DC, DE, OH, MD, NY, NJ, PA, VA,
and WV , and provides a totally regional job search experience using our unique Latitude/Longitude
functionality.
Entrepreneurial Sites:
http://www.startupzone.com employment
http://www.topstartups.com employment
http://www.garage.com lists tech ventures and employment
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http://www.fastcompany.com online version of magazine
http://www.vfinance.com funding for entrepreneurs
http://www.vcbuzz.com venture capital info
Non-Profit Sites:
http://www.philanthropy.com non-profit info and employment
http://www.nonprofits.org/ non-profit info
http://www.chronicle.com higher education info and employment
http://www.guidestar.org/ national database of non profits
Media Resources
Provided by Jay Colan and the generous, spirited people participating in the NY Media and Entertainment
networking group. Please update by sending additional resources/corrections to rod.williams@lhh.com &
jay.colan@lhh.com
television/print/music/interactive/digital/telecom/advertising
http://www.mediabistro.com/ -- Media Bistro: media industry networking and informational site.
Includes, news, advice, events listings, job boards, and discussion groups.
http://www.iwantmedia.com/– daily round up of media and industry news; extensive links to
other, related publications and sites.
http://www.poynter.org/medianews– Jim Romenesko’s media news: news, trends, extensive
links to other news and media related sites.
http://www.mediachannel.org/ -- Media Channel: global media news, issue guides, educational
aides.
http://www.mediaweek.com/ -- Media Week: online media news magazine.
http://www.insidemedia.com/
http://www.media.guardian.co.uk/ -- The Guardian online specialized media site.
http://www.eweek.com/– eWeek online version: media and new media news and resources
http://www.media-news.com/– Media news site, segmented by industry.
http://www.internews.org/– Internews: promoting free and open media on a global scale.
http://www.broadbandweek.com/– Broadband Week online version.
http://www.telecomcareers.net/– TelecomCareers.net: career resources, etc.
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http://www.catv.org/-- CATV Cyberlab: news, resources for cable, broadband, and new media;
extensive list of links.
http://www.cabletoday.com/index.html– Bigpipe.com: cable news, resources, extensive links.
http://www.emonline.com/index.html– Electronic Media online version.
http://www.dmnews.com/cgi-bin/index.cgi– DM News: online direct marketing news.
http://www.headlinespot.com/-- comprehensive news site: news, extensive links
http://www.tvinsite.com/broadcastingcable/index.asp?layout=webzine– Broadcasting Cable
online: news for broadcast and cable industries.
http://www.cableworld.com/– Cableworld online version: cable and broadband news
http://www.minonline.com/index.html—Min magazine: media business resources
www.paidcontent.org focus on "the economics of content"
http://www.212nyc.org/ - interactive focus
www.mediapost.com
www.inanet.com for designers and art directors
www.cynopsis.com - daily briefing for broadcasting and cable, with job postings for NY and LA
Digital Music News (site/publication?)
www.nyctechwire.com
Inside Radio (site/publication?)
www.adage.com Advertising Age site
http://www.poynter.org/ - Web Tips – tracks U.S. TV
www.entertainmentcareers.net
www.rightmedia.com
www.venturewire.com – v.c. focus?
www.variety.com Variety - entertainment focus –including job links
This Week in Technology
British Academy of Film and Television Artists
http://www.digitalmusic2006.com/ - digital music forum
www.worldscreen.com Int’l News on programming /content that inevitably includes notes on
many NY companies
www.lightreading.com technology news with many notes on content deployments
www.digitalmedia.com – conference listings are searchable to obtain contact info for speakers
Multi-Channel News – publication?/site?
www.fierce.com – mobile media including wireless, IPTV and mobile media
BillBoard – music publication
www.journalismjobs.com
associations:
http://www.catm.com/-- Cable & Telecommunications Association for Marketing: library,
research, job bank, etc.
http://www.ncta.com/index.cfm– National Cable & Telecommunications Association: industry
news, legislative information, career resources, etc.
http://www.cthra.com/indopps.html– Cable and Telecommunications Human Resources
Association: job opportunities and career related links
http://www.aaaa.org/news/related_assoc.html– American Association of Advertising Agencies:
related industry links.
http://www.nynma.org/– New York New Media Association:
http://www.cabletvadbureau.com/– Cabletelevision Advertising Bureau: news, research, links,
career information.
http://www.ctpaa.org/– Cable Television Public Affairs Association
http://www.wict.org/main.cfm– Women in Cable & Telecommunications: resources and links
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dedicated to improving the standing of women in the cable industry.
http://www.interactivehq.org/ -- Association for Interactive Marketing: research, education,
events, networking.
www.americanbusinessmedia.com – association of business media companies
www.namme.org – National Association of Minority Media Executives
Magazine Publishers Association (MPA)
Online Publishers Association (ironically I don’t have the URL)
other resources:
http://www.hbscny.org/upcoming_events.htm - Harvard Business School Club of Greater NY –
Look for the Media Guru breakfasts
Media Staffing Professionals - Chicago based with jobs throughout the country
"The Soul of the New Consumer" - book on thinking for marketers and product developers
www.current.org – resource on NPR?
www.voice123 – voiceovers
One World? – cable advertising?
Promo magazine and Events Marketer for event marketing people