“Resume flow like there’s no tomorrow”

Highlights from today’s Reuters article colorfully titled, “Lehman, Merrill to pound already bloody job market“:

• The total let go from Merrill Lynch may be around 24,000
• “The resume flow will start on Monday like there’s no tomorrow,” according to one recruiter cited
• It’s looking like 2008 job cuts in the financial sector may surpass the 2007 total
• “‘Hedge funds, money managers and family offices’ should benefit from the job losses at Lehman and Merrill”
• “The Middle East and Russia [are] regions hungry for U.S. financial professionals”

Identifying hedge fund recruiters with strong international presence may be an especially good move now, for those willing to relocate.

CNNMoney.com (“Wealth, Risk Management And Hedge Funds Buck Wall Street Job Cuts“) elaborates on the bleakness of the overall picture but also reports that some areas of the financial sector are still healthy:

•  A recruiting firm head suggests bluntly that not half of financial sector layoffs have yet occurred
• Hedge fund hiring continues at a moderate pace
• Wealth management and risk management in banks are also active areas of hiring