Aug. 15 (Bloomberg) -- Jessica Walter didn't go to Harvard University to study cupcakes, but they're what she does since losing her job as a vice president in credit strategy at Bear Stearns Cos. ``I want to teach kids to cook,'' said Walter, 27, who founded Cupcake Kids! in New York to provide birthday parties and cooking classes for children. ``The goal is to have this be my full-time job and make enough to live.'' Wall Street professionals are trying new careers, and fetching smaller salaries, amid the elimination of 76,670 investment jobs in the Americas following the global credit crunch that started a year ago, according to data compiled by Bloomberg. http://www.bloomberg.com/apps/news?pid=20601109&sid=a6h1pur72rok&refer=home
Most of these institutional types wouldnt have a clue how to trade the way anyone of this board are trading. they lack creativity and are too rigid.
It should be fairly easy, and natural for them to make the transition. They can just set up their own shop, and do what they have always done...take a long position, and then make an 'upgrade', or, take a short position, and make a 'downgrade'. 'Why, isn't that 'adding value'?
This is so true. I came from a big investment bank and these "traders" couldn't trade their way out of a paper bag after they are let go. Luckily, I came from the IT world.
What business does a 27 year old have being a VP of credit strategy ??!?!?! Let alone the VP of ANYTHING?
They make everyone a VP after a few years, no big deal...IB's are more corpoate then one would think or imagine
This part of the article gave me pause: "I know a few guys that started gambling, playing poker to pay the bills,'' he said. "Especially ex-traders.'' Joshua Perksy took to the streets after being laid off as an investment banker at Los Angeles-based Houlihan Lokey. He strolled New York's Park Avenue in June wearing a sandwich board reading "Experienced MIT Grad For Hire.''
If the most creative thing he can think of is to make an ass of himself by looking like a bum with a feed me sign around his neck then its really no suprise he cant find a job.