Mirroring what Ed said, this is certain to hit all grad apps hard. This week I’ve had numerous rejections from IB schemes that I’ve been waiting on a decision from for weeks. Not sure if that’s coincidence.
What good will come out of this? Moving away from a recruitment point of view. Is this the end of an era for globally feared super-banks? I know that some people have been talking of a future where the big IBs are divisions of retail banks.
With regards to middle-market / boutique banks stepping up to fill the void left by Lehman / Merrill, it seems highly unlikely. Corporate Advisory will still be dealt with by the remaining BB banks, and isn’t really set to pick up for the coming year.
It seems we may be at a precipice with regards to the “halcyon days” of investment banking. Could it all be over?
Either way, I’m kind of glad to have experienced a financial meltdown, it’ll make the times when economy picks up even better. Thoughts?