No Vacancy on Wall Street

October 14th, 2008 | Sources: NY Times

Subjects: ,

For decades, finance had been the “it” career for college graduates, but that’s changing fast.

The economy is a mess and financial companies have lost their luster. More to the point, they have shed 250,000 jobs since January, 2007, according to the job placement firm Challenger, Gray & Christmas. 

Now, Wall Street recruiters are nixing campus recruiting visits altogether, even to elite schools like Princeton, Harvard and Stanford. Since Princeton opened this fall for example, Deutsche Bank, J. P. Morgan Chase and Lehman Brothers have all cancelled campus sessions, according to the New York Times.

Students don’t seem to be panicking like the rest of us, however. They’re simply redirecting their short-term goals.

“No one I’ve talked to is worried about moving back home yet,” Princeton senior Kenton Murray told the Times. “But everyone I know is studying for the LSATs right now, people who a month ago had no intention of ever going to law school.”

Other students will consider sectors like energy, health care and consulting which seem positioned to survive and perhaps thrive during the economic turmoil. And it’s possible that more students will opt for public service, just like what happened following Hurricane Katrina and the September 11 terrorist attacks.


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