The Stearns Effect: Investment Banking and Hedge Fund Job Market

This morning wrote about the effect of Bear Stearns on the job market. “You commit yourself to a company, as many of these employees did and then one day, whammo…. all the workers, from the top down, saw themselves as part of a family….”

This is a very similar situation to the thousands of Arthur Andersen employees who started their careers with AA and poured everything they had into the #1 firm. Then, in a matter of months, only a shell remained (as their website now reflects).

It’s true, there is no single firm that can guarantee employment security. You can work for the best of the best and still find yourself pitching your skills to a competitor that you would not have considered working for just a year earlier.

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