Investment banking jobs have bombed. According to various estimates, anything from 125,000 jobs in large Western banks to 277,500 jobs in global finance have gone already. The FT's
Gillian Tett says management consultants are predicting that up to 300,000 jobs will go before the shakeout ends.
In the circumstances, Tett is advising demobilized bankers to provide seed capital for manufacturing companies, or to move into engineering or the public sector.
British bankers are already flocking to become teachers, but in the US there are signs of deeper desperation.
According to the New York Times' DealBook ex-bankers are 'clamouring' for restaurant work. A former Deutsche Banker has become a tour guide, offering tours of credit crunched New York, and a former US hedge fund CEO has started delivering pizzas.
Is it really becoming necessary for out of work bankers to do any job going? Or is this just media hype?