The New York Times (Finance Students Keep Their Job Hopes Alive) checks in on how the schools are coping with financial uncertainty. “Financial companies shed 150,000 jobs last year and more than 100,000 so far this year…
Esther Duflo, Professor of Economics at MIT asks if the world has too many bankers?. She’s inclined to think so but is reassuringly optimistic about talent finding opportunities in other industries although she is vague on what the relative compensation levels might be. I think finance will evolve, Glenn Hubbard explains why the long-term trends are in the industry’s favor…
Many of those jobs – and much of the bonus pool that supported them – are at risk. I do not think investment banking will regain its hegemony for a very long time, if ever. – John Gapper (Financial Times)