As some of the world’s largest banks teetered on financial demise, college seniors and recent alums had more on their minds than what it meant for their financial aid and student loans.
Where are they supposed to get a job?
Recruiters from banking firms are already skipping out on career expos and backing out of previous agreements, as their companies are being bailed out by government loans or are looking to sell or merge with other banks.
Last week, Morgan Stanley entered negotiations with Wachovia, the Federal Reserve bailed out insurance company American International Group, Lehman Brothers filed for bankruptcy, and Merrill Lynch was sold to Bank of America. It all comes on the heels of the collapse of Bear Stearns in March and the government takeover of Fannie Mae and Freddie Mac earlier this month.
This week’s financial crisis hit college campuses across the country with UWIRE affiliates covering the stories.
Economic fallout hurts recruiting prospects at U. Penn
This week’s chaos and upheaval on Wall Street has hit home for many U. Penn students, who are feeling the backlash in an increasingly competitive and unstable job search.
On-campus recruiting, U. Penn’s main job hunting mechanism, is bearing the brunt of the financial industry’s woes, according to Career Services counselors.
The financial sector is usually the most sought-after by U. Penn students, said Barbara Hewitt, associate director at Career Services, but this year, many have broadened their search to increase the likelihood of getting hired.
Full Story from, The Daily Pennsylvanian
U. Utah finance students face uncertain future
Some University of Utah finance majors are rethinking their postgraduate plans in the face of a shaky economy and dwindling job market.
“Competition is going to be a lot harder,” said finance senior Suneeti Agrawal said. “It can be a little scary at times, but you have to understand that markets are cyclical. When one door closes, another opens with new opportunities…you have to remain optimistic.”
Full Story from The Daily Utah Chronicle
Indiana U. business students haven’t felt job crunch yet
A mortgage crisis, the demise of some historic financial institutions and a recent stock market tumble have forced some in Indiana University’s Kelley School of Business to reevaluate their internship and job prospects.
Full Story from The Indiana Daily Student
Wall Street turmoil affects George Washington U. alumni
Annie Zhou had a bad first day of work on Monday.
The George Washington University alumna was thrilled to start her job at the investment bank Lehman Brothers, but after only several hours she received news that her new company had filed for bankruptcy.
Full Story from The GW Hatchet
Duke U.: Merrill, Lehman leave more than a dozen hanging
More than a dozen Duke University students with post-graduation job offers at Merrill Lynch and Lehman Brothers are uncertain about employment possibilities after the current economic climate threatened the firms’ futures last weekend.
While Merrill Lynch, plagued by toxic assets and financial stress, was being acquired by Bank of America Corp. for $50 billion, global investment bank Lehman Brothers was fast approaching failure.
Full Story from The Chronicle
Yale students abandon Wall Street dreams? Not just yet.
Even 80 miles from New York City’s financial district, dozens of Yalies felt the aftershocks of investment bank Lehman Brothers’ decision to file for Chapter 11 bankruptcy early Monday morning — especially those who received letters of intent from the company after stints as summer analysts.
Full Story from The Yale Daily News
Notre Dame: Market turmoil affects student job prospects
Lehman Brothers and Merrill Lynch were not present at last Thursday’s Fall Career Expo, but both firms have been present in the past. Notre Dame students interned at both companies last summer, said Lee Svete, director of the Notre Dame Career Center.
The Career Center does not know if any students had accepted job offers at Lehman Brothers before the investment bank collapsed Monday, but Svete said students had accepted offers at Merrill Lynch, which was acquired by Bank of America.
Full Story from The Observer
A Princeton alum’s Lehman Bros. experience
Just three weeks into her full-time job, Anita Gupta ’08 sat at her desk Monday and wondered how she would continue to pay the rent on her newly leased New York City apartment if she suddenly became unemployed in the wake of one of the largest Wall Street shakeups in decades.
After graduating last spring, Gupta joined the ranks of more than 100 Princeton alumni employed at Lehman Brothers, the financial firm that officially filed for bankruptcy early Monday morning after failing to find a buyer.
Full Story from The Daily Princetonian