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Old 09-17-2008, 09:04 PM
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Default Fate of Investment Bankers

With three of the five major i-banks gone, I'm guessing there must be a bunch of unemployed i-bankers. Where would they go? It's times like these that I'm kind of glad to be an actuary.
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Old 09-17-2008, 10:29 PM
Baron Von Raschke Baron Von Raschke is offline
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They will all become actuaries and steal our women away from us.
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Old 09-17-2008, 11:34 PM
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But you wanted new ones anyway.
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Old 09-18-2008, 12:36 AM
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To the extent that there's work for the IBs, there will be a need for people. More work to the last two firms, more work for foreign firms, more work for small/mid-size boutique firms, and perhaps one or mroe new firms spring up.

Additionally, there will be less total work since the economy is slowing, but that really has nothing to do with the firms going splat.
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Old 09-18-2008, 01:51 AM
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I'm less interested in what the veterans will do then what younger people will do. Currently most of our top talent in math and science ends up working for wall street because of the money. That's a lot of lost productivity.
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Old 09-18-2008, 09:56 AM
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I think that most bankers would be highly amused that actuaries are fretting over their fate. Most of these guys can take a year or two off, wait for the dust to settle, and either land back in banking or go over to private equity/hedge funds/investment mgt./corp finance/etc. I wouldn't worry about them for a second.
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We, the actuarial profession, did several things badly.

1. Pandering - we marketed ourselves as finding clever ways to give the public pension sponsors something for nothing
2. Ignored consequences - we found clever ways to allow politicians to ignore the true costs of benefit increases, like negative amortization of losses
3. Low standards of measurement - GASB had the most simple-minded of standards, and is now only going half-way to raise the standard.
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Old 09-18-2008, 11:15 AM
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Originally Posted by WWSituation View Post
I think that most bankers would be highly amused that actuaries are fretting over their fate. Most of these guys can take a year or two off, wait for the dust to settle, and either land back in banking or go over to private equity/hedge funds/investment mgt./corp finance/etc. I wouldn't worry about them for a second.
Exactly. Part of the reason they get paid such huge money is compensation for the volatility. My cousins in their late 40s who work on Wall Street have each had several extended bouts with unemployment and they still can buy and sell me.
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Old 09-18-2008, 11:17 AM
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Moral of the story, investment bankers are better than you. And yes they can even have a better work/life balance.
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Old 09-18-2008, 11:25 AM
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Moral of the story, investment bankers are better than you. And yes they can even have a better work/life balance.
Shouldn't you be saying us?
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Old 09-18-2008, 11:52 AM
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At least I can laugh in the faces of investment bankers -- (he who has the last laugh, laughs best.)
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