Good News

        In major cities around the world air pollution is coming down dramatically. In New Delhi, the amount of PM 2.5 particles & nitrogen dioxide dropped 71% in a recent week. I heard this morning that Los Angeles has seen blue blue skies like never before!  That's positive! Let's not forget these results when we come off the shutdown. Another positive result is the additional time many families have been spending together taking walks, riding bicycles and even playing board games together. Sometimes one has to be reminded to keep their life priorities in proper order so their time isn't focused entirely on career.

              Now a word about recent hiring practices I'm seeing. It didn't take long, at the outset of the shutdown, for most firms to put interviewing on the back burner, having not a hiring freeze, but taking a "wait and see" attitude. Today, even though there is still uncertainly as to when we return to the "new normal," the hiring process seems to be picking up, just a little. I'm seeing hires being completed without that final face to face "fly in." Some hires are being completed entirely via telephone and virtual conferencing.  In these cases authority and responsibility are being handed down to regional and local managers to make that final hiring decision.  

              Will there be layoffs in Public Finance? Probably. It's also doubtful we'll have a "V" shaped recovery. You've all heard that saying, "stock market rallies use the stairs, but sell offs use the elevator." This economic drop in the markets has obviously affected many businesses. Seventeen million people have been added to the unemployment numbers. Our public finance departments have entered this market sell off with fully staffed departments. We didn't have a lot of "musical chairs" or right sizing this bonus season, so I suspect we'll see some downsizing from the big banks this summer. Then, like in 2008 and other economic downturns, we may see some smaller firms leaving the business. I hope I'm wrong, but I would suggest that you spend a few minutes to update the resume and deal list. Hopefully, you won't need it, but if you do...I know of firms hiring and any firm hiring now is definitely committed to the Public Finance business.

              We will get over this hurdle. It is not a wall. A year from now we all be stronger and wiser for our efforts.

Richard Baggott Executive Search Placements, Inc. (720) 406-7499 [email protected]