November 24, 2011

Live Like A Pirate, Die Like A Pirate

Execution of the Namoa pirates which 
took place on the 11th May 1891 at 
Image courtesy New York Public 

In the November 21, 2011 edition of the New York Times, Kevin Roose writes in the article A Blow to Pinstripe Aspirations:

Being young on Wall Street once meant having it all: style, smarts and too much money to spend wisely. Now, twenty-somethings in the finance industry are losing both cash and cachet.

Three years after the global financial crisis nearly brought Wall Street firms to the brink, the nation's largest banks are again struggling. As profits wane, layoffs have claimed thousands of jobs and those still employed have watched their compensation shrink. These problems are set against the morale-crushing backdrop of the Occupy Wall Street movement, which has made a villain of a once-lionized industry.

Much of the burden of Wall Street's latest retrenchment has fallen on young financiers. The number of investment bank and brokerage firm employees between the ages 20 and 34 fell by 23 percent from the third quarter of 2008 to the same period of 2011, a loss of 110,000 jobs from layoffs, attrition and voluntary departures.

... experts say that today's doldrums, unlike previous downturns, are here to stay.

"A lot of the positions that are being cut right now aren't coming back," said Leslie K. Hild, a vice president with the recruiting firm Right Management. "It's an emotional roller coaster for almost everyone."

. . . . . . . . 

In the Readers' Comments to the article, Dan from Madrid writes simply:

Live like a pirate, die like a pirate.

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