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Before I make the jump I need to do some research, I want to move to NYC sometime in the near future. I was an branch operation officer and I've 12yrs of investment banking but mainly in the support unit for back and middle office department. I've been looking on the job boards and the demand for that certain jobs is still in demand. I know NYC is the biggest financial hub globally and there's no shortage of banks there. But recently, due to the economic turmoil and the problems with banking sector etc, not sure how's the job market there in NYC, especially for the banking industry. Is the pay good for banking personnel there?
I don't mind to commute probably from NJ to get to work to NYC and rides the train etc.. is it a good time to move to NYC now with givent with all these volatile economic downturn.
I don't recommend moving here until you've secured a job. It's common sense, there's 10s of thousands of people that lost their jobs with all the huge investment banks folding, merging and cutting expenses so you're up against highly qualified people that are pretty much willing to take anything within the finance industry now since their old jobs ain't coming back.
Normally, I would say come to New York, take a calculated risk and try your luck at landing a job, but nowadays when it's not uncommon to see businessmen wearing cardboard signs begging for any job all over the city, it's probably not worth the risk.
I was an branch operation officer and I've 12yrs of investment banking but mainly in the support unit for back and middle office department. I've been looking on the job boards and the demand for that certain jobs is still in demand. I know NYC is the biggest financial hub globally and there's no shortage of banks there. But recently, due to the economic turmoil and the problems with banking sector etc, not sure how's the job market there in NYC, especially for the banking industry. Is the pay good for banking personnel there?
Where do you see the demand for these jobs? Take it from me, there are very very few jobs in banking and finance that pay well in NYC today. On the other hand if you want to "downgrade" to lower level positions, sure quite a few may be availabe. But, after all your experience you don't really want to work as a Teller or Customer Service agent do you?
I don't recommend moving here until you've secured a job. It's common sense, there's 10s of thousands of people that lost their jobs with all the huge investment banks folding, merging and cutting expenses so you're up against highly qualified people that are pretty much willing to take anything within the finance industry now since their old jobs ain't coming back.
Normally, I would say come to New York, take a calculated risk and try your luck at landing a job, but nowadays when it's not uncommon to see businessmen wearing cardboard signs begging for any job all over the city, it's probably not worth the risk.
Well said.
I recently relocated to Manhattan for work, however it was an internal transfer to my bank's affiliate in NYC. I was (and am) very fortunate to work for a bank that did not participate in the same types of business and products as the larger (now tarp money) banks. Over the past several months our particular group has actually hired several people who were let go from other i-banks...but we are pretty much done hiring for now. In the process of me integrating with the new position, I have gone through several training courses with the newly hired group. All of the trainers have been saying the same thing...their business is extremely slow this summer because of no new hires at most other banks.
Like it's been said previously, I would try to either secure a position first, even if its with operations, before jumping the gun and moving to NYC. The competition is very intense right now. Many of the people who have faced recent lay-offs have further decided to move out or get their MBA, etc. So, when things start to recover in 2010, the competition might be fiercer than ever. That said, the whole financial landscape is changing dramatically and probably will continue to change for the worse through 2012...the fat-cat i-banking heyday is well over.
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Trust me - No jobs in banking! period.
