Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Financial Sector Shuffles Its Workers
Friday, September 26, 2008
New York, NY –
The federal bailout for Wall Street may also bail out financial analysts who've lost their jobs. If the $700 billion package goes through, Wall Street will need people to make sense of the troubled mortgage-related assets that are crippling the economy. WNYC's Lisa Chow reports.
REPORTER: Steve Lesser works at a company called Right Management. He's been helping workers laid off from Lehman Brothers, and other companies, find new jobs. He says everybody's going to be watching the bailout program very closely.
LESSER: That could be a potential gold mine of opportunities, depending on how it's structured and how they staff it. Certainly we're going to be directing people that way.
REPORTER: Lesser says this month has been traumatic for financial workers, with all the tectonic shifts on Wall Street. Yet, some are finding jobs at smaller boutique investment banks and firms that manage tens of billions of dollars in assets, instead of hundreds of billions dollars. Even people still employed at the bankrupt Lehman or now Barclays are looking for work. The British bank has said it will decide in three months which employees to keep, and who to let go. For WNYC, I'm Lisa Chow.