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canada goose clearance Arjun Khan straightened his tie, brushed a lint ball canada goose outlet woodbury off the charcoal gray suit he’d bought for $179 at Lord and Taylor to wear to his high school graduation, gave his hair a final pat, inspected his teeth for food in the bathroom mirror, and bounded out the door of goose outlet canada his apartment and into the elevator of his downtown high rise. canada goose clearance
A confident, bright eyed twenty two year old with an aquiline nose and a slight belly paunch, Arjun was on his way to his first day of work as a mergers and acquisitions analyst at Citigroup. His neck muscles were tense and his stomach was turning over, but those were just surface nerves. Mostly, he was filled with the flinty resolve of the newly emboldened. After thousands of hours of preparation, dozens of interviews and expertly crafted e mails, and one extremely lucky break, he had finally become a junior investment banker at a major Wall Street firm the job he’d been chasing for canada goose outlet los angeles years.
Canada Goose Jackets Nine months earlier, Arjun’s plans had been derailed by the financial crisis. The Queens born son of a data engineer father and a social worker mother who had both canada goose factory outlet emigrated from India to New York as young professionals, he headed into the fall of his senior year with a prestigious job offer at one of the best banks on Wall Street: Lehman Brothers. Canada Goose Jackets
canada goose coats Arjun felt lucky to have gotten Lehman’s attention in the first place. He attended Fordham University, a Jesuit school in the Bronx that, while strong academically, wasn’t among Wall Street’s so called target schools, a group that generally included canada goose outlet toronto factory the Ivies, plus schools like Stanford, New York University, Duke, and the University of Chicago. That meant he had to work harder to get his foot in the door joining the Finance Society at Fordham, attending lectures at Columbia Business School, spending his free time watching CNBC canada goose outlet ottawa to pick up the cadence of the investor class. And his strategy worked. He secured a junior year internship at Lehman, and he did well enough that at the end of the summer, he was offered a fulltime job beginning after his graduation. His recruiter told him, sotto voce, that he had been the only Fordham canada goose outlet black friday sale student to get an offer from Lehman that year. canada goose coats
During Arjun’s internship, things began to canada goose kensington parka uk go south. Ever since the Bear Stearns canada goose outlet store near me collapse earlier that year, industry watchers had been speculating that Lehman would be the next bank to fail. The firm’s stock price had tumbled, thousands of workers had canada goose discount uk gotten laid off, and one well regarded hedge fund manager jolted Wall Street that summer by proclaiming that Lehman wasn’t properly accounting for its real estate investments. Still, Arjun assumed that Lehman would be fine.
He was wrong, of course. In September 2008, while Arjun was starting canada goose outlet mississauga his senior year at Fordham, Lehman filed for bankruptcy. operations were bought several weeks later by canada goose outlet shop Barclays Capital, the investment banking arm of the large British firm.) The same day, Merrill Lynch, which had also been pummeled by the housing collapse, announced it was selling itself to Bank of America canada goose outlet new york city for $50 billion. AIG, an insurer weighed down by towering piles of credit default swaps, had to be given a massive $182 billion bailout, and Goldman Sachs and Morgan Stanley, the last freestanding American investment banks, turned themselves into bank holding companies in order to give themselves better access to the Federal Reserve’s emergency lending window.
cheap Canada Goose From the Fordham campus, Arjun watched reports about Lehman’s bankruptcy with a knot in his stomach, knowing that it would probably cost him his job. And several weeks after the bank’s sudden death, he was in chemistry class when he got a call from an unfamiliar number with a 212 area code. He let the call go to voice mail, then checked it in canada goose uk the hall after class. cheap Canada Goose
“Hi Arjun, this is John from Barclays Capital,” the voice on the message said. “Obviously, you know why I’m calling. I just wanted official canada goose outlet to let you know that I’m very sorry, but we’re not going to have a seat for you next summer.”
canada goose deals After the bankruptcy, Barclays Capital’s human resources department tried to help Lehman’s spurned analysts find new jobs. But that just salted the wound. One human resources staffer pointed Arjun to a job at a small private wealth management firm in Miami the financial sector equivalent of being cut from the Yankees’ starting lineup and offered a benchwarmer spot with the Toledo Mud Hens. canada goose deals
buy canada goose jacket cheap “I’m just interested in investment banking,” Arjun told the staffer. “I don’t care what city it’s in.” buy canada goose jacket cheap
canada goose coats on sale Arjun knew that Wall Street operated on a strict power hierarchy. Within every firm, there were so called back office workers who cleared trades, maintained the firm’s computer systems, and performed all other kinds of technical and administrative work. One step up was the middle office, which comprised lots of disparate jobs that were important to the functioning of the bank but were not revenue generating in their own right: canada goose outlet online reviews legal, compliance, internal risk management. And then there was the promised land: the front office. The front office was what everyone pictured when they thought of Wall Street pinstripe clad deal makers and red faced traders, making millions and getting their work on the front page of the Wall Street Journal. And when he decided to pursue a job in finance, Arjun decided he would accept nothing less. canada goose coats on sale
Canada Goose online But now, everything had changed. With the failures of Bear Stearns and Lehman Brothers and the sale of Merrill Lynch, the so called bulge bracket of top tier American canada goose parka outlet banks was whittled down to just five firms: Goldman Sachs, Morgan Stanley, Citigroup, Bank of America Merrill Lynch, canada goose outlet real and JPMorgan Chase. And even those firms looked to be in jeopardy. All around the financial sector, the markers of success and failure were shifting. Tiny boutique firms were weathering the changes better canada goose coats uk than global financial conglomerates. In some cases front office bankers were canada goose outlet uk fake being laid off while back office IT workers were being promoted. Up was down. Down was up. Canada Goose online
canada goose clearance sale That year, as the crisis unfolded, the message boards at Wall Street Oasis, a popular finance industry website, filled with posts from confused young finance aspirants, wondering what the industry’s changes would mean for them: canada goose clearance sale
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Are banks really not hiring for the fall?
In September, one poster summarized many of the fears about what would happen to the financial industry: “I canada goose outlet las vegas think it’ll be a long time, if ever, before the swagger returns to Wall Street. The ‘Masters of the Universe’ image has been shattered.”
Newly jobless, Arjun spent the rest of his senior year looking for work. He applied to financial internships on Craigslist, sent out dozens of rsums and cover letters, and pressed on every finance industry connection he had. But nothing materialized nobody was hiring. Finally, in late spring of his senior year, Citigroup contacted him about a last minute opening in the bank’s mergers and acquisitions division, where they needed another analyst to help with a bigger than expected workload going into the summer. Citigroup, like most banks, had been battered by the financial crisis, losing billions canada goose outlet michigan of dollars and being saved only by a massive government bailout. But the bank was alive, and it was doing deals again. Arjun knew that with the year’s recruiting cycle already over, it was likely to be the only front office offer he would get. So a few weeks before his college graduation, he accepted.
buy canada goose jacket Throughout college, Arjun had drawn inspiration from the lives of people who had made it big on Wall Street despite not having the advantages of privilege or pedigree. The most famous example was Sidney Weinberg, a working class Jewish kid from the slums of Brooklyn who started as a janitor’s assistant at Goldman Sachs in 1907 and eventually worked his way up to become the senior partner of the firm. But there were more recent role models, canada goose factory outlet toronto location too. Arjun knew, for instance, that there had been a Lebanese American executive who had gone to Pace University not exactly a finance feeder school yet had become the vice chairman of Bear Stearns and one of the most powerful deal makers on Wall Street. Even Citigroup’s CEO, Vikram Pandit, was an Indian born outsider who had trained as an electrical engineer before breaking into finance. On Wall Street, he thought, it didn’t matter whether you were a blueblooded WASP with degrees from Exeter and Harvard or, like him, an Indian kid from Queens with no family connections. If you were talented, if canada goose outlet you could make money, and if you were willing to kick down every obstacle in your path, you could qualify as what is known in certain parts of the financial world as a “PHD” a “poor, hungry, and driven” worker and, eventually, you could make it to the inner circle. buy canada goose jacket
Canada Goose Outlet But now, as he surveyed the wreckage of the crisis, Arjun felt even less sure than ever that the old social compact still held. After all, who knew what would happen to Wall Street in a year? More banks could go under. Entire lines of business could be wiped out by new regulations. There was no telling whether New Wall Street would look anything like Old Wall Street, or whether the canada goose outlet edmonton traits that had mattered in American finance for the better part of three hundred years hard work, hustle, and commercial instinct would still be rewarded in the future. Canada Goose Outlet
Canada Goose Parka As he got ready for work on his first day, though, Arjun’s anxiety was trumped by excitement. In the worst Wall Street hiring climate in a generation, he’d finally gotten canada goose victoria parka outlet a seat at the table. He was proud of how far canada goose outlet jackets he’d canada goose outlet canada come. He knew he’d made his parents proud, too, by getting a job at a prestigious bank they recognized by name and reputation. And he was determined to prove to his new colleagues canada goose vest outlet that he could canada goose parka uk work every bit as hard as they did, even if he didn’t have an Ivy League degree behind him or a trust fund lying in wait. Canada Goose Parka
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Canada Goose sale I wound up in Philadelphia, on the campus of canada goose womens outlet the University of Pennsylvania. On the day I arrived, it was raining buckets, but a biblical flood wouldn’t have kept a small army of students from making their way to Houston Hall. There, in their illfitting suits, their leather padfolios clutched tightly to their sides, hundreds of eager Penn sophomores, juniors, and seniors filed into a recruiting session for Morgan Stanley, where they would hear a one hour pitch for the bank’s virtues and, hopefully, score a business card or two. Canada Goose sale
When most of the seats were filled, the lights inside the room dimmed, and a Morgan Stanley recruiter pressed Play to begin a promotional video. Upbeat pop rock music played as the screen filled with text banners:.