For those searching, it won't be so easy. A large number of equities-trading-oriented professionals were let go. This area has been particularly hit hard, as traders have been replaced by automation. For example, Goldman Sachs CEO David Solomon previously bragged that the firm’s stock-trading division employed three people doing the job once accomplished by 500 professionals. Hedge funds used to be a primary destination for these professionals, but that door has all but closed.
Professionals in areas such as legal, compliance, risk and audit may have a rough go at it also. Due to the Trump administration’s focus on deregulation, this area has been downsizing and slow to hire. Compounding the problem for the newly unemployed is that banks have been aggressively nearshoring and offshoring jobs to lower-cost locations. Many junior-and-mid-level jobs have been moved to places such as Florida, Texas, Utah, Poland, India and Ireland. Consequently, for professionals based in New York, there are not as many jobs in Manhattan as there were in the past.
Well-compensated bankers may be disappointed. There are over 1,100 Deutsche investment bankers who earned about $1.25 million last year. With cost cutting, jobs relocating to cheaper regions and an omnipresent contracting industry, it may be hard for people to find pay packages in line with what they previously earned.
Summer is a notoriously tough time to interview—even in the hottest job markets. This season is historically one of the slowest times of the year to interview, as many people are away on vacation. On the positive side, as most professionals take themselves off the market to enjoy the summertime, the former Deutsche Bank workers will stand out and get noticed.
Cybercrimes
World's best institutionalized money launderers heading to Wall Street? Fresh meat for SDNY prosecutors?