First came the write-downs, then the layoffs. So the question remains: are any investment banks hiring?

As a job seeker, two factors will work in your favor. Number one, regular attrition will create a need for some firms to hire new people. Number two, although many of the bulge brackets are not hiring, many middle market and boutique investment banks are in the market for good people. Why? The supply of talented labor in the market is a prime opportunity to recruit solid talented that may have never considered their firm. A number of these firms are in a position to hire due to their limited exposure to the mortgage markets.

A number of job seekers are venturing away from the saturated New York market for opportunities. If you're open to cities other than New York, you may be able to gain "Wall Street" experience elsewhere.

At middle market and boutique firms, compensation will be considerably less than that of a bulge bracket. In some cases, it will be considerably less. However, lifestyle can be more manageable and you may be able to take on more responsibility.

Bankingorbust, LLC is here to help you through this tough period. Our team has compiled valuable resources to help you find and succeed at a job in investment banking. It's FREE, so take advantage of it!