<p>Barrons, simply, you are buying the media hype as many are because they want to. UMich, you’re on target. WS was way overstaffed and 30% sounds about right. There was major correction at most banks over the past 2 years and there will be further deep cuts. Most on the Street are glad to see the streamlining and the exit of the mediocre and the dishonest. </p>
<p>Mediocre PE firms will soon be gone to the relief of many. During boom times any idiot can make money in some areas. Look for the good firms to grow considerably and add new businesses. All good people in traditional firms are being called by PE firms to defect and many will.</p>
<p>For those who want to enjoy the media portrayal, enjoy! There are always people anxious to see the fall of those they perceive have gotten easy breaks or have too much whether they are ivy league students or folks on The Street. That’s life. There were and are crooks on WS just like everywhere else. All their hard working, honest cohorts are happy to see them go. Yet the general public just prefers to blame The Street for things like the mortgage debacle rather than the individuals who partook or their greedy mortgage brokers because the big guy always falls hardest. Again, just life.</p>
<p>I do wonder what the handful of people who are on every thread quoting media sources who haven’t a clue get out of this. Those who predicted the big fall see a big fall. Those who’ve slogged it out on The Street see a needed correction and some needed regulations. The story is far more complex than the average media guy can absorb and the reporting is humorous on many levels. The Guy Hands story above is a great example. It talks about cuts in PE compensation due to longer term exits. This happens in every recession and has nada to do with what’s happened to ibanks! The LBO guys weather every cycle and sell when optimum. </p>
<p>My reason to even address the negativity and misreads here is to assure those students with an interest in finance that WS remains a very real career option.</p>