<p>People will need to have an attitude correction or risk their own money. They can become an options trader or similar job for their own account. That’s where many of these types used to go. Math–you need to restudy those graphs. Firms can hire the most competent person willing to work for the least on the labor supply curve. There are fewer of them but they don’t need that many so it will clear the market at say $60k per year. Those who wanted more will be SOL and going to Law School. Believe me $60K looks pretty good when the real alternative is $30K and Teach for America. </p>
<p>I think the volume of business will be MUCH lower a decade. Lower volume + less demand for employees. It’s really very simple. WS grew by adding a huge volume of business that is now gone. They also have lost trust with many investors which will mean raising money for buyouts and such will be ver hard. Want to sell junkbonds today? I’d rather sell ice to Alaska. IBs are not very charitable about keeping people around when there is no business. They know they can always hire when things get better. </p>
<p>I don’t know how many people WS will hire but I think it will be more like the 70’s level when things were pretty stagnant for a decade.</p>