After the one of the largest economic meltdowns of the century, thousands of people from America's largest financial institutions were laid off. Where did they go?
DJ Patil of LinkedIn, the business-oriented social media website, has an inside look based on updates to LinkedIn member's company titles:
Where did all these employees go? One hypothesis is that many of the employees left the financial industry. According to the LinkedIn data set, that just isn’t true. There are a handful of people that did transition to other industries and start new careers, but most stayed in the financial space. To be specific, other than two acquiring companies (Bank of America acquired Merrill Lynch and Nomura acquired Lehman Brothers’ franchise in the Asia Pacific region), Barclays was by far the biggest beneficiary, scooping up 10% of the laid off talent, followed by Credit Suisse at 1.5% and Citigroup at 1.1 %.