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New York City Job Market Update

Newsletter for LHH New York City office (Go to: July 29, 2009

In This Issue Flare! The Next “JMC Live” will be held on Wed, August 5 from 10A-
• Job Market Intel
12N in the Park Avenue conf room featuring MTA (Metropolitan
• Career Events Transit Authority) sharing information on employment opportunities.
As always, a real time update on the current employment marketplace
• Networking Events
with ample time for your Q’s...
• JMC Job Search Tips

Job Market Intel

Also Included
• Useful Web Sites Unemployment Key Pivot for Industry
• Media Resources By Paul Davis
• Blue Steps
Banking executives and regulators have agreed on very little in the past year, but they have at least
• Network of Experts one bond: the belief that unemployment will peak just north of 10%.
• Job Lead Sampler What if their only shared prognostication proves wrong?

• Just Thinking… 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.
Get Your Copy
NYC Job Market Update A great amount of uncertainty clouds the forecast, especially over how this year's stimulus package
available online at: 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
C Access the latest and Blue Chip Economic Forecast still hovers around 10%, more economists are ratcheting up their
back editions. Copies are numbers to 11% or more.
also available in the "My view is that we may have higher unemployment than 10%," said Dimitri B. Papadimitriou,
common areas and from president of the Jerome Levy Economics Institute at Bard College. "A higher unemployment rate
your consultants… If you would certainly affect banks' earnings dramatically," he said, though the impact of the stimulus
have information to package remains a key wild card.
submit, contact Rod The most pessimistic observers note that unemployment reached 9.5% in June and that it is likely to
Williams at inch higher again this month, to the highest level since 1983. The Midwest and West regions already or have topped 10% unemployment, as have 15 states, according to June data from the Bureau of
212.455.8583. Thanks in Labor Statistics.
advance! 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
CRN SpotLight 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
Check out the approximately with losses off a 10% rate, depending on the bank and asset mix.
150,000 jobs on LeadLink
Michael Mayo, an analyst at Calyon Securities Inc., pressed Bank of America executives during their
and don’t forget to keep your second-quarter conference call on what the impact might be if unemployment hit 11.5%, which is the
resume updated on Resume mark being touted by Calyon's chief economist.
Reserve. New employers
and recruiters are added and 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
are searching daily.
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]

Access both on the web at: 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.
Other Job Market James Dimon, the chairman and CEO of JPMorgan Chase & Co., expressed that view during the
Connection Highlights… 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
Job Fairs there are good reasons to believe that."
Higher unemployment could also hurt capital levels, notably for the 19 big banks that were stress-
Employer of the Day tested 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.
“JMC Live”
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
Entertainment & Media regulator would apply [the changes to] the stress test going forward," he suggested.
Networking Group 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
Recruiter Panels sales. Moore said he already believes the number of banks will shrink by 25% between now and

Special Topic Speakers Rising unemployment would also have greater implications on borrowing and lending, observers

Additionally we serve as Michael Mussa, a senior fellow at the Peterson Institute for International Economics, says that
the venue for several 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
external professional unemployment staying close to 10%.
networking groups
Richard Anthony, the chairman and CEO at Synovus Financial Corp., said that is already happening
including TENG (Tech in many of the Columbus, Ga., company's markets where unemployment has already hit double
Exec. Networking digits, though he hopes the stimulus packages provides some relief. "It would hurt us," he said of
Group), MENG national unemployment hitting 11% or higher. "Your losses would go up and the balance sheet would
(Marketing Exec. shrink."
Networking Group), and Many banking companies nonetheless are still committed to a forecast around 10%.
FENG (Financial Exec.
Capital One Financial Corp. on Thursday raised its unemployment forecast for the end of this year to
Networking Group) 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."
Blue Steps 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.

We have negotiated a 20% .

discounted rate for LHH clients
with Blue Steps the executive
search web site owned and
operated by the AESC Just Thinking…
(Association of Executive The smallest good deed is better than the grandest good intention. – Duguet
Search Consultants) which is
their professional organization
made up of over 200 of the top
executive search firms. See
your consultant for details.
JMC Job Search Tips (Simple Things pt 101…)
AESC has around 200 Tuned in or maxed out…
member search firms, with
around 4000 consultants 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
around the world.
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

can assist…

Local Job Fairs

Networking Events (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:, 718/263-3501

Useful Web Sites

These could prove helpful (forward others to me at
***New business networking alternatives and competition to LinkedIn:
Naymz Maximize your professional opportunities by promoting your good
name in our Reputation Community.

Plaxo Pulse 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: 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 bills itself as a portal for entry-level or a mid-management
positions. 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. a site for those seeking opportunities in publishing, licensing, children’s &
family media, entertainment, interactive media, and related areas 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. bills itself as the leading financial services online job board bank jobs, finance jobs, recruitment in the financial markets,
accounting and investment banking 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. 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. Recruiting Trends reports that, 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 Community," also offers employers resume keyword
searches, and job seekers the ability to search for high tech jobs on 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! 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 a terrific informational resource for job seekers NY Labor Bureau site for IT employment (thanks Jay Colan) bills itself as “ 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.”

4 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. great search site that uses Google, Yahoo, Ask Jeeves, About, Look Smart,
Overture, and FindWhat (talk about powerful!) the name says it all. links to job postings:11 NJ newspapers incl. the Star-Ledger a site for Senior Executives lists executive Jobs lists non-profit executive level jobs lists non-profit executive level jobs lists Big Five Jobs 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 1-,, American Jobs, Infoworks USA, America's Employers, JobBank USA,
America's Job Bank, Job Pilot USA, Bakos Group,, Career Avenue,, Best Jobs USA, NationJob Network, Career Builder,, Career Mosaic,
Perot Systems,,, Career Magazine, Recruiters Online Network, Career
Web, Select,,,, The Job
Resource,, Top Echelon,,, Employment 911, US Careers
Resource Center,, Westech Virtual Job Fair. (Pay services not necessary). more tech jobs site helps you
find IT, creative, business and office/admin projects all on one website! &
us=164&AID=6944408&PID=1225587 2 sites for posting resumes and searching jobs

Fee Based Sites: Association of Executive Search Consultants (AESC) resume database.
LHH has a discounted rate (See your consultant) Based in New York City,, 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 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, operates TheLadders for Recruiters, enabling them to easily post and manage job
openings. lists executive jobs lists executive jobs lists executive jobs lists executive technical jobs a resume posting site

Entrepreneurial Sites: employment employment lists tech ventures and employment online version of magazine funding for entrepreneurs venture capital info

Non-Profit Sites: non-profit info and employment non-profit info higher education info and employment national database of non profits

Executive Job Listings in the Not-for-Profit Sector Advertised openings: lists non-profit executive level jobs lists non-profit executive level jobs

Search firm listed openings:


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Learn more and fill out a simple application at our website.

Media Resources
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 &
 -- Media Bistro: media industry networking and informational site.
Includes, news, advice, events listings, job boards, and discussion groups.
– daily round up of media and industry news; extensive links to
other, related publications and sites.
– Jim Romenesko’s media news: news, trends, extensive
links to other news and media related sites.
 -- Media Channel: global media news, issue guides,
educational aides.
 -- Media Week: online media news magazine.
 -- The Guardian online specialized media site.
– eWeek online version: media and new media news and resources
– Media news site, segmented by industry.
– Internews: promoting free and open media on a global scale.
– Broadband Week online version.
– career resources, etc.
 CATV Cyberlab: news, resources for cable, broadband, and new media;
extensive list of links.
– cable news, resources, extensive links.
– Electronic Media online version.
– DM News: online direct marketing news.
 comprehensive news site: news, extensive links
– Broadcasting Cable
online: news for broadcast and cable industries.
– Cableworld online version: cable and broadband news
—Min magazine: media business resources
 focus on "the economics of content"
 - interactive focus
 for designers and art directors
 - daily briefing for broadcasting and cable, with job postings for NY and LA
 Digital Music News (site/publication?)
 Inside Radio (site/publication?)
 Advertising Age site
 - Web Tips – tracks U.S. TV
 – v.c. focus?
 Variety - entertainment focus –including job links
 This Week in Technology

 British Academy of Film and Television Artists
 - digital music forum
 Int’l News on programming /content that inevitably includes notes on
many NY companies
 technology news with many notes on content deployments
 – conference listings are searchable to obtain contact info for speakers
 Multi-Channel News – publication?/site?
 – mobile media including wireless, IPTV and mobile media
 BillBoard – music publication
 Cable & Telecommunications Association for Marketing: library,
research, job bank, etc.
– National Cable & Telecommunications Association: industry
news, legislative information, career resources, etc.
– Cable and Telecommunications Human Resources
Association: job opportunities and career related links
– American Association of Advertising Agencies:
related industry links.
– New York New Media Association:
– Cabletelevision Advertising Bureau: news, research, links,
career information.
– Cable Television Public Affairs Association
– Women in Cable & Telecommunications: resources and links
dedicated to improving the standing of women in the cable industry.
 -- Association for Interactive Marketing: research, education,
events, networking.
 – association of business media companies
 – National Association of Minority Media Executives
 Magazine Publishers Association (MPA)
 Online Publishers Association (ironically I don’t have the URL)
theory and scholarship:
– CTheory: current scholarship on cultural, media, and critical theory
– media and social/cultural theory focusing on pop culture
– quick resources to major
leaders in mass communication studies
 – Esther Dyson publication on v.c. and new technologies
 Edventures – same on Ester Dyson
other resources:
 - 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
 – 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
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