How will the Australian finance sector cope with the chaos as Lehman Brothers bites the dust and Merrill Lynch sells out to Bank of America?
It seem likely that Lehman’s 130-odd Australian staff will be looking for new jobs in the near future, but as rivals restrict their recruitment, is there anywhere left for laid-off Lehmanites to shelter? Traditional sanctuaries like London and New York are in even worse shape than Sydney.
Your chances of avoiding the axe at Merrill appear brighter. The i-bank has a larger presence in Australia than new owner BoA and there is only minimal overlap between the two businesses. These factors could help to keep jobs intact.
But that’s not to say there won’t be some bloodshed within the 500-strong Merrill workforce. The firm showed us earlier this year that it’s not afraid to slash staff.
And what of the wider ramifications for the banking jobs market? Are there more horrors on the horizon or is this the beginning of the end? Tell us your tales of doom below.