the financial world has been witnessing this storm for quite some time. it seems that the hurricane is now on its way! ib-investment banking is witnessing its worst days [hopefully]!! the move made by lehman brothers - filing for bankruptancy could have been seen as an isolated event if it was not followed by the BOA's move of bidding for Merryl Lynch , the dramatic move of Fed to bail out AIG and for the latest - the gossips of Morgan Stanley looking for a buyer for their ib bussiness in US!
So how does this affect you and me?
the financial market worldwide is inter related. So its quite obvious that this turmoil would definitely have its ripples in other parts of the world - india included. As for jobs - to begin with - 25k + employees have been out of their job from LB, 50k + from ML, 2.5K of them from India!
Out of the 5 leading brokerage firms in Wall Street 3 have been shut down, and with this new gossip of Morgan Stanley the future of the fourth is unknown!
Stock markets are witnesing new lows everyday! India, however, has seen the least pressure till now - thanks for the public sectors! It should be noted that even though the banks in india seems to be insulated, the rupee is depriciating to the 2-year low against dollar!
for me the question is : how would this crisis affect me? the question is significant looking at the fact that i work for a europian financial service firm which has significant exposure in US market! Let the market gurus save my bank.. let them save my salary statements!! :-)
4 comments:
hmmmmm... these r scary times...but just like the seasons, this too shall pass :)
yes, u cant wither off like a leaf, but surely u can reinvent urself!
guezz what.. financial experts says this "season" is gona stay for atleast 2 years!! :-(
2 yrs will fly.... also u will be a married man... u wouldnt know what hit u - marriage or the IB crisis!
that sure sounds like a warning!! :-)
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