Now this is a title which I never really imagined I'd post but well.. it's really sad to read in the news about Investment Bank Lehman Brothers filing for bankruptcy and Merrill Lynch being acquired by Bank of America. Makes me think of my dear friend B in Lehman.. wondering how is she now.
It is very real coz the whole day my boss literally worked till red in the face, overwhelmed by the amount of work he had to do, finding out all the deals we have facing LB. LB's offices in London are at Canary Wharf, and today C happened to walk past it and later told me she saw people coming out of the building with cardboard boxes filled with their stuff, and some even pulling small hand held luggages as they walk out. 5,000 jobs lost like that in London. 160 years of history.. all gone now.
Just this evening, my classmate from French class said his gf works in LB London and was handed a letter this morning and told not to come in office anymore... at least for the next three weeks, not knowing what is gonna happen. So sad isn't it?? One day you are employed by the 4th largest US investment bank and the next day it's gone. (Well of coz it didn't collapse overnight but people like me who do not follow market news closely for the past months.. literally feels like it collapsed overnight.) And same for Merrill Lynch.. So now 3 of the 5 largest US investment banks have been wiped off by the credit crunch. Really really bad. Will AIG be next since I read from the news that they are desperately seeking a USD40billion loan.
To sum it up, I quote another classmate Parisa who commented sombrely, "it's really sad isn't it.. it feels like someone we know has passed away." Couldn't agree more.
It is very real coz the whole day my boss literally worked till red in the face, overwhelmed by the amount of work he had to do, finding out all the deals we have facing LB. LB's offices in London are at Canary Wharf, and today C happened to walk past it and later told me she saw people coming out of the building with cardboard boxes filled with their stuff, and some even pulling small hand held luggages as they walk out. 5,000 jobs lost like that in London. 160 years of history.. all gone now.
Just this evening, my classmate from French class said his gf works in LB London and was handed a letter this morning and told not to come in office anymore... at least for the next three weeks, not knowing what is gonna happen. So sad isn't it?? One day you are employed by the 4th largest US investment bank and the next day it's gone. (Well of coz it didn't collapse overnight but people like me who do not follow market news closely for the past months.. literally feels like it collapsed overnight.) And same for Merrill Lynch.. So now 3 of the 5 largest US investment banks have been wiped off by the credit crunch. Really really bad. Will AIG be next since I read from the news that they are desperately seeking a USD40billion loan.
To sum it up, I quote another classmate Parisa who commented sombrely, "it's really sad isn't it.. it feels like someone we know has passed away." Couldn't agree more.
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