New York City Job Market Update

Newsletter for LHH New York City office (Go to: June 3, 2008

In This Issue
• Job Market Intel • Career Events • Networking Events • JMC Job Search Tips

Also Included

FLASH!! “JMC Live” Wednesday, June 4. Come out to hear the latest news on the NYC Employment Marketplace and our special guest presenter, Financial Management Associates on how financial services professionals can transition into the non-profit/not-for-profit segment…

• Useful Web Sites • Media Resources • Blue Steps • Network of Experts • Job Lead Sampler • Just Thinking…

Just Thinking…
When you cannot make up your mind which of two evenly balanced courses of action you should take - choose the bolder. -- W.J. Slim

Job Market Intel
Consumer confidence improves in New York State
By Kira Bindrim

Get Your Copy
NYC Job Market Update available online at:

Access the latest and back editions. Copies are also available in the common areas and from your consultants… If you have information to submit, contact Rod Williams at or 212.455.8583. Thanks in advance!

Gas prices may be keeping New Yorkers from their beach vacations, but consumer confidence in the state ended a seven-month slide in May. Spring weather and tax refunds helped boost optimism. Consumer confidence in New York state rose 0.7 points to 55.7 in May, according to a survey released Tuesday by the Siena Research Institute. That comes in below a national index level of 59.5 for May, though national consumer confidence fell 3.1 points last month. “After seven straight months of decline, this small uptick points hopefully to New Yorkers having found the bottom and perhaps hinting at some gains in consumers’ willingness to spend,” said Dr. Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI’s founding director. However, he noted that the New York index figure is 25 points below May 2007 levels. Among New Yorkers, Republicans, men and people under age 55 had the highest consumer confidence. Lower confidence prevailed among women, low-income New Yorkers and individuals age 55 and over. Still, few consumers have plans to shell out big bucks in the immediate future. According to the survey, fewer New Yorkers intend to buy cars, trucks or computers over the next six months. The percentage of New Yorkers planning to buy homes in the next six months remained flat, while those planning to spend money on furniture increased slightly in May. The number of residents planning to spend money on major home improvements also fell. The SRI survey of consumer confidence was conducted in May 2008 by random calls to 620 New York state residents over the age of 18, with a margin of error of +/-3.9 percentage points. National consumer confidence was compiled by the University of Michigan.

CRN SpotLight
Check out the approximately 150,000 jobs on LeadLink and don’t forget to keep your resume updated on Resume Reserve. New employers and recruiters are added and are searching daily.


Access both on the web at:

Wall Street Dismissals, Not as Bad as '01, Signal Worst to Come
By Christine Harper (Bloomberg) -- It's as if the entire workforce at Goldman Sachs Group Inc. and Morgan Stanley vanished in less than a year. From Tokyo to London to New York, financial companies announced plans to shed more than 83,000 jobs since last July as revenue and compensation pools evaporated, according to figures compiled by Bloomberg. The dismissals range from 90 jobs, or 0.1 percent of the total, at London-based HBOS Plc to about 9,160 jobs, or 66 percent of the workforce, at New York-based Bear Stearns Cos., which is being acquired by JPMorgan Chase & Co. The cuts add up to 3.3 percent of employees at the 28 firms eliminating positions. That's significantly less than the market slump from 2000 to 2003, when 17 percent of banking and securities jobs in New York were wiped out, data from the Bureau of Labor Statistics show. Given the record-breaking losses of the past year -- banks and brokers have taken $383 billion of writedowns and credit losses -- some economic forecasters and industry veterans expect the number of dismissals to increase. ``My guess is there's probably more to come,'' said Sanford ``Sandy'' Weill, chairman emeritus of Citigroup Inc., who worked on Wall Street for 53 years, in a May 21 interview. ``I think this is tougher'' than the last market decline, Weill, 75, said. New York-based Citigroup, the biggest U.S. bank by assets, has announced 15,900 job cuts worldwide, about 4 percent of its employees. New York's Outlook The retrenchment has affected positions as varied as biotech bankers, compliance officers and Latin America debt traders -- not just mortgage salesman and credit traders -- as revenue declines spread beyond fixed-income. New York and London, the world's biggest financial centers, are bearing the brunt of the firings, while employment grows in emerging markets such as Dubai and China. New York has lost 10,000 financial services jobs since last August, a 3.5 percent decline, according to the Bureau of Labor Statistics in Washington. Those figures don't tell the whole story because employees receiving severance remain on payrolls. The Independent Budget Office in Manhattan said in a report issued last week that it expects 33,300 finance jobs in the city, or 7.1 percent of the total, to be cut from the peak in 2007. The industry lost 52,500 jobs in New York during the 2000- to-2003 market drop, or 17 percent, Bureau of Labor Statistics data show. London will suffer 19,225 finance job reductions in 2008 and 2009, or 5.4 percent of the total, according to estimates from the Centre for Economics and Business Research in London. That compares with 15,340 jobs, or 4.7 percent, from 2000 to 2002, the CEBR's data show. Won't Match 2001 Job cuts in New York probably won't match those of 2001 and 2002, when losses accelerated after the Sept. 11 terrorist attacks, said Marisa Di Natale, senior economist at research firm Moody's in West Chester, Pennsylvania. She's forecasting that the New York metro area will lose 45,000 financial jobs this time, or 7.7 percent, compared with 60,000 jobs, or 10 percent, in the previous decline. ``In the run-up to the dot-com bust, there was a very frenzied pace of hiring on Wall Street, and we didn't have that this time around,'' Di Natale said. ``And in the last recession, there were a lot of backoffice jobs cut or moved overseas that never came back.'' Still, financial companies are suffering deeper losses than earlier this decade. Morgan Stanley and Bear Stearns, which remained profitable throughout the previous decline, reported their biggest losses last year. Merrill Lynch & Co., which had one quarter of losses in 2001, has reported three straight unprofitable quarters. Falling Profits ``We've never seen writedowns like we're seeing now and such big losses,'' said John Challenger, chief executive officer of Chicago-based outplacement firm Challenger, Gray & Christmas Inc. ``More job cuts will come. Even with the market's optimism recently, I don't think we can safely say that we're out of the woods yet.'' Merrill reported a $2 billion loss in the first quarter, while profits tumbled 42 percent at Morgan Stanley, 53 percent at Goldman and 57 percent at Lehman Brothers Holdings Inc. The four

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)

Blue Steps
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.


New York-based companies are the biggest U.S. securities firms. Analysts estimate that revenue and profit will drop again in the second quarter. Three analysts are predicting that Lehman, whose shares are down 45 percent this year, will report its first loss since the credit crisis began. ``Salaries and bonuses are the largest expense that Wall Street firms have, and when they don't make money, they have to look to cut,'' said Len Blum, 50, who has worked on Wall Street for more than 21 years and is now managing director at Westwood Capital, a 13-year-old investment bank in New York. ``People have a lot of fear of losing their jobs.'' `Waves of Firings' The scale of job reductions doesn't yet mirror the scale of the financial losses, said Jeanne Branthover, managing director of Boyden Global Executive Search in New York. ``I don't think the waves of firings have ended,'' Branthover said. Losses started in the credit markets, and they're now ``going into all these other areas,'' she said. As the outlook darkens, the pace of layoffs has increased. Zurich-based UBS AG and Lehman have unveiled more job cuts this year than during 2001 to 2003. Morgan Stanley, after cutting 900 jobs in 2007, is shedding about 3,540 this year. Goldman, which didn't announce any dismissals last year, has eliminated more than 1,500 positions so far in 2008. ``There are still more writedowns that may have to be taken,'' said Samuel Hayes, finance professor emeritus at Harvard Business School in Boston. Banks and securities firms ``will throw over people the way that they throw over any other cost,'' he said. U-Shaped Market Brad Hintz, an analyst at Sanford C. Bernstein & Co. in New York who is a former chief financial officer at Lehman, said the recent job cuts in areas such as equities show that management doesn't expect business to improve anytime soon. ``They seem to be positioning themselves for a U-shaped recovery, not a V-shaped recovery,'' Hintz said. At Columbia Business School in New York, none of the graduates taking Wall Street jobs, except those who accepted positions at Bear Stearns, have had their offers rescinded or renegotiated as they were in 2001, said Regina Resnick, managing director of the school's career-management center. ``My anticipation is that we may see something more like what we had in 2002 or 2003, but we're not there yet,'' Resnick said. Job offers for the school's 700 new graduates were ``down from the summer of 2007, but it still was what we consider to be a strong year,'' she said. That's no consolation for Tom Curialle, 50, a 20-year veteran of Wall Street who lost his job at Bank of America Corp.'s asset-backed and mortgage-backed bond-sales division in October and hasn't found work since. ``I would have to describe this as the most difficult period I've ever seen,'' Curialle said. ``Nobody feels safe.''

JMC Job Search Tips (Simple Things pt 78…)
Networking and the Economy…
With so many ominous signs, the future of our local economic picture is cloudy at best. Rising gas prices, falling housing prices, and salaries that are more or less staying the same means that it’s never been more critical to stay connected and expand your network. Competition increases and companies become more “bunker-like” in their release of information on their upcoming plans. Therefore it’s necessary to plumb the intelligence depths like never before. Remember, networking is about information gathering and we never have enough information…


Career Events
Sponsored By:

New York City Career Fair
• •
Date: Thursday, July 10, 2008 Location: Metropolitan Pavilion, North and South Pavilions 125 West 18th Street (Chelsea) New York, NY 10011 Time: 10:00 a.m. - 3:00 p.m.

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

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.

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.” 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.

Free web sites continued… 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,, 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! & 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

6 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:

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. 7

 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)

Portfolio & Ops Analysis Director - Mktg, CA Treasury Director, Capital Mkts, PepsiCo, Inc. Sr Vp, Finance, Take Two Interactive Software, Inc HR Manager, House of Z-Zac Posen Reporter, Crain Communications VP Development, NY, Teach for America Director, Strategic Planning & Ops-NYC, Teach for America Executive Director, Faith Community Relations, Teach for America Business Support Specialist, Federal Reserve Bank of NY Senior Internal Auditor, Broadpoint Capital, Inc. Senior Accountant-Financial Reporting, Broadpoint Capital, Inc Director Internal Audit, PSAC Metals, Cleveland, OH Account Executive, Broadview Networks, $35 - 45K Director of HR, Victoria's Secret Executive Assistant, Buckley Staffing, $85K + Bonus Receptionist, Buckley Staffing, $40K


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