5000 bankers given the boot

[sunnysan]

Scr3wed

Well what do you want

People get into IB to make money, hours are long, bonuses are big and on the flip side its very volatile.

In my permy career I have been made redundant twice and I am sure most here have been through the washer.

IMHO, the reason that the newspapers(Especially the DM) are making such a deal of it is that they know the general populace will love to see IB employees getting stuffed instead of driving around in fast cars and eating £7 paninis for lunch.

I feel sorry for them but this is the free market, this is how it works, you are as secure as what you have in the bank, and the heavier all this tulip gets I am not even sure about that anymore.

On yer bike lads( And laddette) and if you dont like vote for the communist party in the next elections

[Cyberman]

Well what do you want

People get into IB to make money, hours are long, bonuses are big and on the flip side its very volatile.

In my permy career I have been made redundant twice and I am sure most here have been through the washer.

IMHO, the reason that the newspapers(Especially the DM) are making such a deal of it is that they know the general populace will love to see IB employees getting stuffed instead of driving around in fast cars and eating £7 paninis for lunch.

I feel sorry for them but this is the free market, this is how it works, you are as secure as what you have in the bank, and the heavier all this tulip gets I am not even sure about that anymore.

On yer bike lads( And laddette) and if you dont like vote for the communist party in the next elections

... and those £7 paninis etc help to keep an economy going. Once individuals stop spending like this we as well s the panini sellers are in deep doo-doo.

[OwlHoot]

Those that laugh at these poor people will come to regret it in due course as what goes around comes around. Unemployment in the UK is now due to reach epidemic proportions IMO. That is no laughing matter and will affect everybody.

Also, if it keeps up then the Government's tax revenues will plummet.

Mind you, that could be a Good Thing if it forces them to axe a few daft projects or increase borrowing. Either way they'll look like a bunch of (even more) incompetent idiots.

Edit: Sorry, jumped in too quickly. I see several posters made that point earlier

[basshead]

"It's not just the high-fliers who are losing their jobs. I spoke to a receptionist and she was packing up her pens."

the liquidator's

[eliquant]

A few of you here have mocked the unfortunates at Lehman Brothers but like someone else mentioned either on this thread or another .. there's a large contingent of people at Lehmans that worked their socks off for 50k per year working weekends / late nights until 7pm / 8pm, these sorts surely don't deserve these taunts.

[eliquant]

what I don't understand is how can they sell the business in chunks if they have all been marched out with cardboard boxes ???

I mean who is going to decipher the abandoned systems ? is there a skeleton crew left behind ? my god it makes you think about one's savings !


holy moses don't put all your eggs in one basket.

strange isn't it ?

[jmo21]

what I don't understand is how can they sell the business in chunks if they have all been marched out with cardboard boxes ???

I mean who is going to decipher the abandoned systems ? is there a skeleton crew left behind ? my god it makes you think about one's savings !


holy moses don't put all your eggs in one basket.

strange isn't it ?

read on the beeb website the IT guys are all still working, and would be for a few years at leatst to keep things going.

not necessarily in the UK though

[Cyberman]

what I don't understand is how can they sell the business in chunks if they have all been marched out with cardboard boxes ???

I mean who is going to decipher the abandoned systems ? is there a skeleton crew left behind ? my god it makes you think about one's savings !


holy moses don't put all your eggs in one basket.

strange isn't it ?

It makes you realise that houses are actually a better place to have money than in banks or stocks and shares.

[HairyArsedBloke]

It makes you realise that houses are actually a better place to have money than in banks or stocks and shares.

[Alf W]

Andy Bevan, 27, who works in equity derivative finance, was more upbeat.

He said he had been given the "official word" at about midday.

"It is what it is," he said. "But I am lucky - I don't have any dependants or a mortgage to worry about. I feel sorry for the managing directors - they were paid about 50% of their bonus in stock, that's been written off."

Hello Andy? It was those greedy feckers who have caused all this in the first place. Oh and it's shares not stock. Two different things. You should know that in your line of work.

But there was the odd glimmer of hope.

One man in his 20s, who said he was a recruitment consultant for the investment bank industry, was constantly on the phone.

To his Mum probably. Asking her what's for Tea.

Kirsty McCluskey, 32, who worked on Lehman's London trading floor, said the situation was "final - everybody is just finishing up."

"It is terrible. Death. It's like a massive earthquake," she said.

She said her manager had told her he would process her expenses.

Oh FFS. Perspective dear?