How to Recover from Job Losses on Wall Street

In March 2008 Bloomberg was reporting job losses numbering well over 34 000 in the financial sector on Wall Street since 2001. By March 2008 Lehman Brothers, had already slashed 18% of their employees and Merrill Lynch had eliminated 4.5% of their workers. Add to that the Bear Stearns collapse in March and fast forward now to September 15, 2008 as Lehman Brothers files for Chapter 11 bankruptcy and Merrill Lynch is acquired by Bank of America. Speculation on what will happen with AIG over the next few days, have many people very worried.

This is just the latest job loss and fallout due to the sub prime mortgage conundrum and the subsequent credit contraction. No one is clear exactly where the bottom will be for job losses on Wall Street or Main Street for that matter as the worst financial instability hits the United States in decades.

Before we relegate these disappearing jobs to just finance executives on Wall Street, everyone should know that these job losses go well beyond the boardroom. Think about technology staff, administrative support workers, lawyers and employees who will lose their jobs across all functional sectors like Human Resources, Marketing and Operations. Not to mention what these Wall Street job losses do to the economy of New York in terms of restaurants, transportation and housing.

Many of the well "Linkedin" professionals on Wall Street will rejuvenate their connections and hopefully line up new opportunities in smaller boutique firms both in and out of the investment banking sector.

It will take some jobseekers longer than others to adjust to life after layoff.

Hopefully, the recent college grads who chased their dreams to Wall Street within the last two years have learned enough professionally to remain marketable. Many of these smart, new professionals are already connecting reaching back to their college career centers to explore alternatives and rekindle their college networking contacts.

Some quick job search tips to consider before the adrenaline dissipates into fear:
- Collect work samples if possible
- Download your kudos folder
- Get LinkedIn
- Consider relocation - do not rule out overseas
- Change careers
- Begin a Meetup group
- Join your ex employers' alumni association
- Call your parents and siblings; get them networking for you
- Work with outplacement firms

- Connect with your college career center

If all the finance pundits and economists are right and jobs will continue to disappear until 2010, folks in the financial sector, regardless of the job they perform, will have to get comfortable with change.