Not just looking for a job - looking for a new career. PB
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From Businessweek.com:
In the 1980s bonds were the center of action on Wall Street, and traders—like the fictional Sherman McCoy in The Bonfire of the Vanities—were “masters of the universe.”
Those days are gone...
The size of the bond market in the U.S. ballooned to $37.8 trillion at the end of 2013, up $5.1 trillion since 2008 ... even so, trading in dollar-denominated bonds declined 22 percent...
As profits fell, so did pay. Total compensation at the biggest banks has fallen as much as 50 percent for high-yield and investment-grade traders and up to 25 percent for distressed-debt traders since 2010...
While veterans shuffle from job to job, some younger traders have gotten out and moved into industries ranging from real estate to public relations to information technology.
The ones who remain face long odds, says Michael Maloney, president of his own fixed-income recruiting firm. “For every 10 of them, there’s going to be three or four left,” he says.
“What’s the time frame? Well, everybody I know is looking for a job—not looking for a job, looking for a career.”
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Link: http://www.businessweek.com/articles/2014-09-25/bond-traders-fade-away-as-industry-shrinks
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