Where have all the (ex) bankers gone?
What banking executives? Well, you know, people who used to work at Lehman Brothers, which collapsed Sept. 15, 2008, and kind of got this whole recession started (though officially it began almost a year earlier). And then there were all those Merill Lynch executives who were canned when the company was being swallowed up by Bank of America. And Bear Sterns, a stalwart on Wall Street since 1923, was absorbed by another bank. So, yeah, them. Were you worried, fretting if they were able to land on their feet?
I'm guessing most of you are thinking, "Not really."
After all, bank executives as a group don't have a great reputation these days--although according to some surveys, they're still ahead of members of Congress, lawyers and (gulp) journalists.
But just in case you were concerned, you may want to check out LinkedIn's blog, which recently took a look at where people wound up. As it turns out, most of the bankers who lost their jobs as the recession turned ugly wound up in different banking jobs. According to LinkedIn, most of them went to the following five financial institutions: Barclays, Credit Suisse, Citigroup, Bank of America and JP Morgan Chase.
In any case, this was a smart thing, according to Ellen Sautter, a senior career management consultants with a global human resources consulting firm based in Atlanta. "It's always hard in any job market to change careers," says Sautter, "but this is a very tough time to make a job change. Right now, companies can cherry pick and get exactly what they need."
In other words, says Sautter, these bankers did exactly what they should have done -- they played to their strengths.