<p>"Entire trading desks in New York and other cities are expected to be eliminated. And unlike Citigroup's other recent reductions, this round will feature layoffs of dozens of senior managing directors, the people said."</p>
<p>It has nothing to do with "this economy." It has everything to do with these companies making stupid decisions and biting off more than they can chew. Capitalism cannot exist without failure; what makes these companies so successful is also what makes them vulnerable to collapse-- their willingness to take risks. If you can't handle that, I suggest looking for a different career.</p>
<p>^Why does that make life good? To me, that makes life bad as more people are struggling, which is going to spiral the economy downward even moreso; making a recovery more difficult and further out.</p>
<p>what is the scene going to look like in 2012-2013? will this "recession" continue for years to come or will the class of 2012-2013 graduate into a boom?</p>
<p>quag, it's hard to say. I view the current recession as a medium term thing with very few sectors doing well. It's certainly not inconcievable to for the employment environment in 2012-2013 to be very poor.</p>
<p>We've lived on cheap credit for far too long and there will be ramifications.</p>
<p>Whoever thinks the markets are "bad" right now lacks the vision and foresight to capitalize on these conditions. If you're intelligent enough and understand the intricacies of the global economy, you'll realize that no situation is ever "bad" or hopeless. This very recognition is what separates the good bankers from the great bankers, the okay investors from the visionary, second coming of Warren Buffet-type investors. The markets are an interrelated system and every system undergoes periods of innovation (think about the life line of CDOs). Securities, like a woman's wardrobe, become more and more complex with new layers of options and tranches, but the fundamental stitchings of a fixed-income or equity instrument are the same. Revert to the basics, invest in the securities suitable for current market conditions (ex: distressed debt now), and you end up ahead of the curve.</p>
<p>"One man's garbage is another man's treasure."</p>