Meredith Whitney: Laid Off Wall Streeters Need To Settle For Less

by Wall Street Job Report on July 31, 2012

Meredith WhitneyOn Bloomberg TV this morning Meredith Whitney put it as bluntly as it gets — laid off Wall Streeters need to lower their expectations and take a pay cut. It’s that simple.

Obviously this isn’t what anyone wants to hear, but here’s what she said word for word:

“The problem to date has been that those that have been laid off have been sitting on their couches because they do not want to take a downgrade in pay. They are not going back to work and the longer you are out of work, the more difficult it is to get a new job. My advice to them is take what you can get. It is very hard to transfer skills from a high-paying job…so recalibrate your expectations

Read the full story at Business Insider. :

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2 comments

Sorry I do not agree. I have been doing that for the past 10 months that I have been out. All I get told is that you are over qualified or why would you apply for a position that is junior to what your skill set is.

by John O'Connell on July 31, 2012 at 6:04 pm. Reply #

This is a lot of nonsense. Most wall streeters I know who are out of work, and there are many (including myself), are more than willing to adjust their salary requirements. The real problem is there are no jobs available on the street as we come to know it. Many financial companies have shipped large numbers of jobs overseas (Asia Pacific) where labor costs are dirt cheap (3 for the price of 1). I suppose while this helps the corporate bottom line and thus shareholder prices it also is a driving force in the failure of this country to put Americans back to work.

by John on August 1, 2012 at 10:14 am. Reply #

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