Dominic Rushe
Claim your free 2010 double sided wall chart
He could be the unluckiest man on Wall Street. A financier desperate to find work has seen six job offers evaporate in quick succession - four of them thanks to the financial crash.
Chuck, who asked for his surname to be withheld, has seen his prospects fall victim to two bank failures, the near-collapse of another and a fourth firm making mass redundancies.
A director at the British bank HSBC who said he would hire him retired before he could do so - and on the sixth occasion, Chuck lost out to a better-qualified candidate.
When he graduated with an MBA from the Instituto de Empresa in Madrid last December, Chuck, 30, had few doubts that he would find a job when he headed home to New York.
Chuck’s first interview was with Bear Stearns. On the day of his interview, The Wall Street Journal ran a story claiming the former chief executive Jimmy Cayne had smoked pot and played cards while the firm’s hedge funds collapsed - Cayne later denied pot-smoking.
Chuck was still waiting to hear back from the firm when it went belly up, the first investment bank to be wiped out by the credit crunch.
Three weeks ago, Chuck received an offer from Lehman Brothers, before it too crashed and burnt. Morgan Stanley stepped in but withdrew an offer after its stock price tanked on speculation that it would be the next bank to crumble in the crisis.
Two weeks ago, a managing director at HSBC took Chuck out for a round of golf. He liked what he saw and offered him an interview. When Chuck made a follow-up call, however, he discovered the banker had taken early retirement.
A family friend then organised an interview for Chuck at GFI Group, a New York-based broker and financial information firm.
At 4pm on September 9, Chuck went for his interview - only half an hour later, GFI called off merger talks and the company was hit hard by nervous sellers. The job was no longer available. “They couldn’t have been nicer about it,” he said.
Another firm, Market Access, shortlisted him to head up its technology division. Chuck lost out to a candidate with more experience. “Last week the whole division was laid off,” he said.
Chuck, who spent six years with IBM before deciding he wanted to move into finance, said he had been to more than 100 interviews at 40 firms in the past 10 months. “No one says, ‘We don’t have a job for you’,” he said. “They say, ‘We’re not making any plans right now’, or, ‘Keep in touch’.
“I feel like Wall Street is going to start blaming me for all its problems.”
Industry sectors news at a glance. Interactive heatmap, video and podcast
Everything the Business Traveller needs to know to make a better trip
Get ready for the winter sports season, with our resort guides and snow reports
We are backing British business, what is the confidence of the nation and what businesses are succeeding?
Growing demand for energy, oil that is harder to reach and the rise of carbon dioxide emissions. We examine the energy challenge
In this special section we explore new food trends to help improve your dinner party and impress guests
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
Shortcuts to help you find sections and articles
1998
£47,955
2004
£56,950
Essex
Check your free Experian credit report before applying
Car Insurance
c. £70,000
The Duke of Edinburgh’s Award
Windsor
Competitive
Hickman and Rose
London
Southwark County Council
£100,000
Home Office
Liverpool
Moments from Battersea Park.
For sale with Winkworth
Find out about shared ownership.
See your free Experian credit report beforehand
Book now for Free Stateroom Upgrades, Free parking at Southampton & Free Onboard Spend!
Get covered on your travels with a superb range of policies at great prices. Visit InsureandGo.com
Wintersun - inspiration for your winter holiday
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Globrix Property Search | Milkround
Copyright 2010 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.