Young Bankers See Aspirations Cut Short

Young Bankers See Aspirations Cut Short

Being young on Wall Street once meant having it all: style,
smarts and too much money to spend wisely. Now,
twenty-somethings in the finance industry are losing both
cash and cachet.

Three years after the global financial crisis nearly
brought Wall Street firms to the brink, the nation's
largest banks are again struggling. As profits wane, layoffs
have claimed thousands of jobs and those still employed have
watched their compensation shrink. These problems are set
against the morale-crushing backdrop of the Occupy Wall
Street movement, which has made a villain of a once-lionized
industry.

Much of the burden of Wall Street's latest retrenchment
has fallen on young financiers. The number of investment
bank and brokerage firm employees between the ages 20 and 34
fell by 25 percent from the third quarter of 2008 to the
same period of 2011, a loss of 110,000 jobs from layoffs,
attrition and voluntary departures.

Read the whole article on DealBook:
http://dealbook.nytimes.com/2011/11/21/wall-st-layoffs-take-heavy-toll-on-younger-workers/?nl=business&emc=dlbka10