Bear Stearns new hires face tough world
Bear Stearns new hires, the ones fresh out of school especially, are getting a hands-on lesson in business cycles. It was their misfortune to come out at a time when the industry is really swooning. JP Morgan Chase, according to the New York Times, has rescinded many offers (as we've previously noted), especially in investment banking, equities and fixed income trading. That has thrown these would-be stars into the worst job market in history. So it looks like many will be forced to re-invent themselves before their careers even start. I'm not sure this was covered in their coursework.
For more:
- here's the New York Times article
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