There are plenty of stories about people changing careers when their jobs in finance disappeared. But according to LinkedIn, the social networking Web site, people who transitioned to other industries were the exception. Most stayed in the financial space.
A recent post on the company’s blog says that Barclays, Credit Suisse, Citigroup, Bank of America and JPMorgan Chase all saw an increase in the activity of their employees on the Web site (as measured by member registrations or updates to the individual’s company title) that coincided with key corporate announcements, such as the acquisition of Merrill Lynch by Bank Of America, or the Lehman Brothers bankruptcy announcement.
The blog post has some interesting analysis and a cool graphic.
Other than Bank of America, where the bulk of former Merrill employees landed, and Nomura, which acquired Lehman Brothers’ franchise in the Asia Pacific region, Barclays was by far the biggest beneficiary, scooping up 10% of the laid off talent, followed by Credit Suisse at 1.5% and Citigroup at 1.1%.