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In Reply to: Re: Massive Cuts in the Financial Sector,ex:Citigroup posted by steve on August 14, 2001 at 17:05:10:
Much of the cuts are found with sales associates, assistants and curtailed hiring. Sales people have little to fret unless they're on some type of base compensation, which very few financial services industry people are. For instance, the training program for SSB pays a base training fee for the duration of the program, which lasts nearly 2 years until which point the person moves over to commission.
The other unique setup many companies have is their offering of complete business ownership, in that you pay for EVERYTHING, and I mean everything. Office supplies, rent, your associates and help, computers, and any other day-to-day supplies. It allows you freedom, but has an added curve, in that it will take you a bit longer to make a profit or find actual income in this industry.
Yet, I do remember attempting to work with Morgran Stanley, and due to cutbacks, they postponsed any such hiring. Its very difficult, particularly when the economy takes a dive and your income is dependent on your ability to make money for your clients and seek out more clients that have money to invest.