My laziness and writer’s block resulted in Gaurav beating me to it when it came to expressing schadenfreude about all the I-bankers who’re losing their jobs. (I am of course a retail banker of repute and thus less affected.) This is just the beginning, though. What will MBAs do at placements time when their are no longer any investment banks to lap them up at Slot Zero?
My prediction is that ITC and UB will become the hot new Slot Zero recruiters. Now that we’re in for a depression, vice is where the money is. As this Financial Times article points out, recessions and depressions only have a positive impact on the demand for things like alcohol, tobacco and gambling:
The alcohol, tobacco, gaming, and defense sectors, in aggregate, are defensive in nature and tend to outperform the broad market in periods characterized by relatively low returns and periods with relative stagnancy, or worse, in the U.S. economy.