Layoffs, hiring freezes, and cuts in pay and benefits are happening all over the place. It might be a good idea to consider exploring opportunities outside of the entire banking sector. At least that's what I'm planning to do. There are plenty of relevant jobs available in other industries that currently seem to be on more stable ground.
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Post ID: @ylv+1rHBY6FZ True. My neighbor took a 50% pay cut after being unemployed for 4 years, laidoff from Deutsche Bank, and took a job in a different industry (Not finance/banking, not tech/software engineering). After being unemployed that long, people become desperate. One reason she held out for so long is because she had her husband's salary to fall back on. But obviously, his salary was not enough when they have a mortgage, 2 children in high school and eventually college, and other expenses. She's been working there now for several years. The commute is better, only a 15-20 minute drive from her house.
Hiring freezes are way better than layoffs!?!?
I disagree. It depends on demographics. I know several people who have left Citi for more money. At best Citi pays average wage, with average benefits.
The problem is that apart from software engineering in certain locations, no other job pays as much as the finance/banking one. So yes, you have plenty of open roles, but would you take a 30-50 PCT pay cut?