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Newsletter for LHH New York City office (Go to: http://www.esnips.com/web/LHHNYCJMC) July 29, 2009
In This Issue
• Job Market Intel • Career Events • Networking Events • JMC Job Search Tips
The Next “JMC Live” will be held on Wed, August 5 from 10A12N in the Park Avenue conf room featuring MTA (Metropolitan Transit Authority) sharing information on employment opportunities. As always, a real time update on the current employment marketplace with ample time for your Q’s...
• Useful Web Sites • Media Resources • Blue Steps • Network of Experts • Job Lead Sampler • Just Thinking…
Job Market Intel
Unemployment Key Pivot for Industry
By Paul Davis
Banking executives and regulators have agreed on very little in the past year, but they have at least one bond: the belief that unemployment will peak just north of 10%. What if their only shared prognostication proves wrong? Concerns are growing among economists and analysts that those projections may be too optimistic. As a result, more thought is being given to how rising unemployment could further wound loan portfolios, how many banks would be able to withstand a rate that exceeds the generally accepted mark and whether the government would need to revisit its stress tests. A great amount of uncertainty clouds the forecast, especially over how this year's stimulus package will affect recovery and employment. In a July survey of buy-side analysts by Friedman, Billings, Ramsey Group Inc., more than half the 191 participants forecast a peak rate of 11%. Though the Blue Chip Economic Forecast still hovers around 10%, more economists are ratcheting up their numbers to 11% or more. "My view is that we may have higher unemployment than 10%," said Dimitri B. Papadimitriou, president of the Jerome Levy Economics Institute at Bard College. "A higher unemployment rate would certainly affect banks' earnings dramatically," he said, though the impact of the stimulus package remains a key wild card. The most pessimistic observers note that unemployment reached 9.5% in June and that it is likely to inch higher again this month, to the highest level since 1983. The Midwest and West regions already have topped 10% unemployment, as have 15 states, according to June data from the Bureau of Labor Statistics. The implications of further job losses are many, with the most immediate impact being credit quality, particularly on loans to consumers and retailers, observers said. Paul Miller Jr., an analyst at FBR, wrote in a recent note to clients that he expects consumer and commercial loan losses to rise largely in step with the unemployment rate. If unemployment were to reach 12%, he forecasts that credit losses at several big banks could rise 25% to 67%, compared with losses off a 10% rate, depending on the bank and asset mix. Michael Mayo, an analyst at Calyon Securities Inc., pressed Bank of America executives during their second-quarter conference call on what the impact might be if unemployment hit 11.5%, which is the mark being touted by Calyon's chief economist. A continued rise in unemployment "clearly signals a broader weakness in the economy and continued weakness in consumer spending," responded Joe Price, B of A's chief financial officer. "I don't have a pinpoint answer for you as much as it would be additional costs that we would have to absorb, probably most pertinently on the consumer side. But that additional weakness would [also]
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roll through your commercial portfolios." The longer unemployment rises, the more time it might take for credit pressures to subside. That would extend the period of time that banks must fund loan-loss reserves, in turn depressing earnings. James Dimon, the chairman and CEO of JPMorgan Chase & Co., expressed that view during the New York company's earnings call. "Once unemployment levels off, you may see that number [of chargeoffs and reserves] actually start to come down a little bit," he said. "We don't know that, but there are good reasons to believe that." Higher unemployment could also hurt capital levels, notably for the 19 big banks that were stresstested in May. The most adverse scenario under the test relied on a peak unemployment rate of 8.9% this year and 10.3% next year. With that number in mind, nine banks were given passing grades, and many of those have since exited the government's Troubled Asset Relief Program. Miller said the Federal Reserve Board could go back to the biggest banking companies, regardless of whether they passed or failed the exam, to encourage them to raise more capital. "The chief regulator would apply [the changes to] the stress test going forward," he suggested. Terry Moore, the managing director of North America banking for Accenture Ltd., said smaller banks would also see capital further strained, which could prod more regulatory seizures or open-market sales. Moore said he already believes the number of banks will shrink by 25% between now and 2012. Rising unemployment would also have greater implications on borrowing and lending, observers said. Michael Mussa, a senior fellow at the Peterson Institute for International Economics, says that consumers and companies would further curtail borrowing. "There would be a lot less loan demand than would otherwise be the case," said Mussa, who remains among economists who see unemployment staying close to 10%. Richard Anthony, the chairman and CEO at Synovus Financial Corp., said that is already happening in many of the Columbus, Ga., company's markets where unemployment has already hit double digits, though he hopes the stimulus packages provides some relief. "It would hurt us," he said of national unemployment hitting 11% or higher. "Your losses would go up and the balance sheet would shrink." Many banking companies nonetheless are still committed to a forecast around 10%. Capital One Financial Corp. on Thursday raised its unemployment forecast for the end of this year to 10.3%, from the 9.6% estimate it provided in April, though executives expressed optimism that layoffs appear to be growing at a slower rate. Bank of America CEO Kenneth D. Lewis also held fast to a 10% projection during the company's earnings call, saying that such a rate remains among "the assumptions we use to run this company." With such an assumption, he still conceded that profitability would be a difficult task for the rest of the year, with some hope of a "return to more normalized earnings" in 2010. .
Other Job Market Connection Highlights… Job Fairs Employer of the Day “JMC Live” Entertainment & Media Networking Group Recruiter Panels Special Topic Speakers Additionally we serve as the venue for several external professional networking groups including TENG (Tech Exec. Networking Group), MENG (Marketing Exec. Networking Group), and FENG (Financial Exec. Networking Group)
We have negotiated a 20% discounted rate for LHH clients with Blue Steps the executive search web site owned and operated by the AESC (Association of Executive Search Consultants) which is their professional organization made up of over 200 of the top executive search firms. See your consultant for details. AESC has around 200 member search firms, with around 4000 consultants around the world.
The smallest good deed is better than the grandest good intention. – Duguet
JMC Job Search Tips
Tuned in or maxed out…
(Simple Things pt 101…)
How much online social networking is enough? Are you tweeting in MySpace while you’re Linked in to Facebook until your Friendsters find your Naymz and check your Plaxo Pulse to tell your Classmates your status in My Life? Well, depending on whom you talk to, online networking is either the best new tool in job search or the greatest waste of time so like beauty, it’s in the eye of the beholder. Best rules of thumb: if you’re comfortable in cyberspace, be careful not to overdo it; and if you don’t have a cyber-life, take it up in small measurable doses preferably with someone who can walk you through the pros and cons of a site’s effectiveness. And always remember that at the end of the day, 3 quarters of job seekers will still land via traditional networking – though a virtual network
Local Job Fairs
(free/low cost events that may interest you)
The "C" Network "Surviving Corporate America"; Tuesdays, 1 p.m.; people of various professions are brought together to debate how to break through the elements for finding work; paid pre-registration required; call for locations and further information. Fees: $12 100 Park Avenue, New York, New York 10017 Sponsor information
The "C" Network Contact: TheCnetwrk@aol.com, 718/263-3501
Useful Web Sites
These could prove helpful (forward others to me at email@example.com) ***New business networking alternatives and competition to LinkedIn: Naymz http://www.naymz.com/ Maximize your professional opportunities by promoting your good name in our Reputation Community. Plaxo Pulse http://www.plaxo.com/ The easiest way to stay connected is now also the easiest way to share just about anything. Pulse now brings you "people feeds" from all over the web: www.worldwit.org. It's a new design, new navigation and a ton of new content. But most excitingly for us, our site now includes something that so many of our members have asked for: a careers site! Our careers area, WorldWIT's Hire Ground, is the first online recruiting site that reaches women 'at the intersection of work and life' with job alerts in the daily WorldWIT email digests. Jobs are also posted on the searchable WorldWIT's Hire Ground website http://newyorkcity.employmentguide.com/ bills itself as a portal for entry-level or a mid-management positions. EmploymentGuide.com has got you covered. With our FastAPP feature we have made searching for jobs faster and easier than ever. Simply complete an application and we’ll send it to matching employers in your area. http://www.janplace.com/ a site for those seeking opportunities in publishing, licensing, children’s & family media, entertainment, interactive media, and related areas http://www.gadball.com an excellent site that provides Free Job Search - over 100,000 Active Jobs! Free Resume Distribution, Free GadBall Discussion Forums, Free Career Email Address, Free Personal Email Address features links to For Sale Listings and many other types of information portals from television/movie listings to the weather. It also has an online calendaring tool, news, games, and entertainment links. http://www.JobsOnWallStreet.com bills itself as the leading financial services online job board http://www.efinancialcareers.com/ bank jobs, finance jobs, recruitment in the financial markets, accounting and investment banking http://newyork.craigslist.org/ another site that’s pretty cool. It bills itself as the following: craigslist is about: giving each other a break, getting the word out about everyday, real-world stuff. restoring the human voice to the Internet, in a humane, non-commercial environment. keeping things simple, common-sense, down-to-earth, honest, very real. providing an alternative to impersonal, big-media sites. being inclusive, giving a voice to the disenfranchised, democratizing ... being a collection of communities with similar spirit, not a single monolithic entity. http://www.worklife.com/ Worklife.com provides industry specific career channels with a wealth of information tailored to your career goals. Select a career channel to research industry information, search jobs and build your portfolio. www.ComputerJobs.com Recruiting Trends reports that ComputerJobs.com, an employment website for Information Technology (IT) professionals and those who employ them, has launched a new web site where IT professionals can discuss their careers, technology, current events, and more. The new community called "The ComputerJobs.com Community," also offers employers resume keyword searches, and job seekers the ability to search for high tech jobs on www.ComputerJobs.com. http://www.teamworkonline.com/ a listing site that focuses on jobs in professional sports with teams, offices, and connected entities (sports management, sporting goods, etc.). Here’s what they say about themselves: 71% of the jobs posted here were filled by online candidates! www.WomenSportsJobs.com currently has over 1,000 jobs posted in the following fields: Sports Marketing, Sales, Advertising & Promotions, Public Relations, Sports Media, Broadcasting, Facilities, Sports Events & Operations, Recreation, Health & Fitness, Website, Technology & Computers http://www.job-hunt.org/ a terrific informational resource for job seekers http://www.hightechny.com/ NY Labor Bureau site for IT employment (thanks Jay Colan) http://www.ithotjobs.com/ bills itself as “ITHotJobs.com launched in 2001 to assist BIG 4, Top Tier, Software 500, Fortune 1000 IT job seekers most impacted during the downturn has grown to 286,000 members and is utilized by over 9,775 IT specific recruiters.”
http://www.jobcircle.com/ JobCircle.com currently operates in CT, DC, DE, OH, MD, NY, NJ, PA, VA, and WV , and provides a totally regional job search experience using our unique Latitude/Longitude functionality. http://www.dogpile.com great search site that uses Google, Yahoo, Ask Jeeves, About, Look Smart, Overture, and FindWhat (talk about powerful!) http://www.allretailjobs.com/ the name says it all. http://www.nj.com/jobs/quicksearch/ links to job postings:11 NJ newspapers incl. the Star-Ledger http://www.chiefmonster.com a Monster.com site for Senior Executives http://www.6figurejobs.com lists executive Jobs http://www.ceoupdate.com lists non-profit executive level jobs http://www.execsearches.com lists non-profit executive level jobs http://www.bigfivetalent.com lists Big Five Jobs http://www.employment911.com/asp/index.asp claims currently over 3,000,000 jobs posted by companies that use them and searched from over 300 major career sites along with jobs including 1Jobs.com, Hotjobs.com, American Jobs, Infoworks USA, America's Employers, JobBank USA, America's Job Bank, Job Pilot USA, Bakos Group, MarketingJobs.com, Career Avenue, Monster.com, Best Jobs USA, NationJob Network, Career Builder, Net-Temps.com, Career Mosaic, Perot Systems, Career.com, Prohire.com, Career Magazine, Recruiters Online Network, Career Web, Select Jobs.com, Computerjobs.com, Softwarejobs.com, Computerwork.com, The Job Resource, Crosswalk.com, Top Echelon, Dice.com, TopStartups.com, Employment 911, US Careers Resource Center, Headhunter.net, Westech Virtual Job Fair. (Pay services not necessary). http://seeker.dice.com/profman/searchEngineMarketing.jsp?rel_code=100 more tech jobs http://www.guru.com/pro/professionals.cfm?tc=20010&kw=job%20search%20web%20 site helps you find IT, creative, business and office/admin projects all on one website! http://www.e-careercenter.com/ & http://www.job.com/index.cfm? us=164&AID=6944408&PID=1225587 2 sites for posting resumes and searching jobs
Fee Based Sites: http://www.bluesteps.com Association of Executive Search Consultants (AESC) resume database. LHH has a discounted rate (See your consultant) www.theladders.com Based in New York City, TheLadders.com, Inc. is a privately held company offering premier online job search destinations and content for the $100k+ sector of the employment market. The company operates its primary consumer destination at www.theladders.com as well as specialized job search Web sites for Sales, Marketing, Finance, Human Resources, Law, Technology, Operations and all other $100k+ fields. For corporate and executive recruiters, TheLadders.com operates TheLadders for Recruiters, enabling them to easily post and manage job openings. http://www.executivesonly.com lists executive jobs http://www.netshare.com lists executive jobs http://www.execunet.com lists executive jobs http://www.executive.computerjobs.com lists executive technical jobs http://www.vicepresidentjobs.com a resume posting site
Entrepreneurial Sites: http://www.startupzone.com employment http://www.topstartups.com employment http://www.garage.com lists tech ventures and employment http://www.fastcompany.com online version of magazine http://www.vfinance.com funding for entrepreneurs http://www.vcbuzz.com venture capital info
Non-Profit Sites: http://www.philanthropy.com non-profit info and employment http://www.nonprofits.org/ non-profit info http://www.chronicle.com higher education info and employment http://www.guidestar.org/ national database of non profits
Executive Job Listings in the Not-for-Profit Sector Advertised openings: http://www.ceoupdate.com lists non-profit executive level jobs http://www.execsearches.com lists non-profit executive level jobs www.fdncenter.org/pnd/jobs www.idealist.org
Search firm listed openings: www.howe-lewis.com www.drgnyc.com www.pogsearch.com www.imsearch.com www.auerbach-assc.com www.slesingermanagement.com www.explorecompany.com
Participate in a Unique Part-Time Consulting Opportunity The Network of Experts is looking for experienced professionals and subject matter experts across a wide range of industries. We are a research firm serving the asset management and private equity communities, and we rely on the experts in our network to educate our clients. We offer unique benefits for people who are employed full-time, retired, or in transition: * You earn consulting fees at the hourly rate you set yourself for short assignments that occur via telephone or through surveys and email exchanges. * You get to interact with influential money managers and to broaden your personal network. * You have engaging conversations on relevant and current topics in your industry. * You participate in a simple and straightforward program that never charges you any fees, protects your privacy, and works around your busy schedule. Learn more and fill out a simple application at our website. www.networkofexperts.com
Provided by Jay Colan and the generous, spirited people participating in the NY Media and Entertainment networking group. Please update by sending additional resources/corrections to firstname.lastname@example.org & email@example.com
http://www.mediabistro.com/ -- Media Bistro: media industry networking and informational site.
Includes, news, advice, events listings, job boards, and discussion groups.
http://www.iwantmedia.com/– daily round up of media and industry news; extensive links to
other, related publications and sites.
http://www.poynter.org/medianews– Jim Romenesko’s media news: news, trends, extensive
links to other news and media related sites.
http://www.mediachannel.org/ -- Media Channel:
global media news, issue guides,
http://www.mediaweek.com/ -- Media Week: online media news magazine. http://www.insidemedia.com/ http://www.media.guardian.co.uk/ -- The Guardian online specialized media site. http://www.eweek.com/– eWeek online version: media and new media news and resources http://www.media-news.com/– Media news site, segmented by industry. http://www.internews.org/– Internews: promoting free and open media on a global scale. http://www.broadbandweek.com/– Broadband Week online version. http://www.telecomcareers.net/– TelecomCareers.net: career resources, etc. http://www.catv.org/-- CATV Cyberlab: news, resources for cable, broadband, and new media;
extensive list of links.
http://www.cabletoday.com/index.html– Bigpipe.com: cable news, resources, extensive links. http://www.emonline.com/index.html– Electronic Media online version. http://www.dmnews.com/cgi-bin/index.cgi– DM News: online direct marketing news. http://www.headlinespot.com/-- comprehensive news site: news, extensive links http://www.tvinsite.com/broadcastingcable/index.asp?layout=webzine– Broadcasting Cable
online: news for broadcast and cable industries.
http://www.cableworld.com/– Cableworld online version: cable and broadband news http://www.minonline.com/index.html—Min magazine: media business resources www.paidcontent.org focus on "the economics of content" http://www.212nyc.org/ - interactive focus www.mediapost.com www.inanet.com for designers and art directors www.cynopsis.com - daily briefing for broadcasting and cable, with job postings for NY and LA Digital Music News (site/publication?) www.nyctechwire.com Inside Radio (site/publication?) www.adage.com Advertising Age site http://www.poynter.org/ - Web Tips – tracks U.S. TV www.entertainmentcareers.net www.rightmedia.com www.venturewire.com – v.c. focus? www.variety.com Variety - entertainment focus –including job links This Week in Technology 7
British Academy of Film and Television Artists http://www.digitalmusic2006.com/ - digital music forum www.worldscreen.com Int’l News on programming /content that inevitably includes notes on
many NY companies
www.lightreading.com technology news with many notes on content deployments www.digitalmedia.com – conference listings are searchable to obtain contact info for speakers Multi-Channel News – publication?/site? www.fierce.com – mobile media including wireless, IPTV and mobile media BillBoard – music publication www.journalismjobs.com
http://www.catm.com/-- Cable & Telecommunications Association for Marketing: library,
research, job bank, etc.
http://www.ncta.com/index.cfm– National Cable & Telecommunications Association:
news, legislative information, career resources, etc. Association: job opportunities and career related links
http://www.cthra.com/indopps.html– Cable and Telecommunications Human Resources http://www.aaaa.org/news/related_assoc.html– American Association of Advertising Agencies:
related industry links.
http://www.nynma.org/– New York New Media Association: http://www.cabletvadbureau.com/– Cabletelevision Advertising Bureau: news, research, links,
http://www.ctpaa.org/– Cable Television Public Affairs Association http://www.wict.org/main.cfm– Women in Cable & Telecommunications:
dedicated to improving the standing of women in the cable industry. events, networking.
resources and links
http://www.interactivehq.org/ -- Association for Interactive Marketing: research, education, www.americanbusinessmedia.com – association of business media companies www.namme.org – National Association of Minority Media Executives Magazine Publishers Association (MPA) Online Publishers Association (ironically I don’t have the URL)
theory and scholarship:
http://www.ctheory.com/– CTheory: current scholarship on cultural, media, and critical theory http://www.theory.org.uk/– media and social/cultural theory focusing on pop culture http://www.utexas.edu/coc/journalism/SOURCE/j363/keywords.html– quick resources to major
leaders in mass communication studies
www.release1.0.com – Esther Dyson publication on v.c. and new technologies Edventures – same on Ester Dyson
http://www.hbscny.org/upcoming_events.htm - Harvard Business School Club of Greater NY –
Look for the Media Guru breakfasts
Media Staffing Professionals - Chicago based with jobs throughout the country "The Soul of the New Consumer" - book on thinking for marketers and product developers www.current.org – resource on NPR? www.voice123 – voiceovers One World? – cable advertising? Promo magazine and Events Marketer for event marketing people
Job Lead Sampler
(For many more check LeadLink) Director of Research, Coleman Research Grp Chief Financial Officer, Hospital Chief Research & Education Officer, Healthcare CIO, Citi Pvt Bank, DS Wolf Grp Int'l. LLC US Head of Investments, Citi Pvt Bank, DS Wolf Grp Int'l, LLC Global Head of Mgr Research, Due Diligence, Citi Pvt Bank, DS Wolf Grp Int'l, LLC Mgr Research & Due Diligence, Citi Pvt Bank, DS Wolf Grp Int'l, LLC Pt-Time Consultants, Phoenix Peak Grp Mgr Consulting Platform Specialist - Strategic Accts., Columbus, OH, Waypoint Consulting Grp Mgr Product Management, Conshocken, PA, Waypoint Consulting Gro Mgr Strategies, Columbus, OH, Waypoint Consulting Grp Business Development Mgr, Phillip Madison Assoc, $75k-Base, $150k OTE Sr Director Mobile Mktg & Strategy, NHL Web Developer, Mt. Vernon, NY, Software Developing Mgr Int'l. Business Development, DC Comics VP of IT, Entertainment Co., Irene Cappuccino IMC Assoc. Voice Network Integrator, Bloomfield, CT, Avaya Call Cntr Solutions, Systems Staffing Grp Various Openings-IT, Finance, Biotech Research, Ardsley, NY, Global Biotech-Pharma Co
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