First, analyst and research jobs. And then senior managers.
In a commodity business, the only way to survive is to have the absolute lowest cost structure, as prices will keep spiraling lower till only the cheapest player survives.
E.g. Walmart vs. Sears, KMart, family grocery stores
A similar effect in banking as well, as more routine functions automatically seek out the lowest cost base, especially in the face of hideous market losses.
The only way you can price higher is by possessing specific skill/knowledge that is not easily replaceable or substitutable. Thats why MDs got shipped and not their jobs :).
In a commodity business, the only way to survive is to have the absolute lowest cost structure, as prices will keep spiraling lower till only the cheapest player survives.
E.g. Walmart vs. Sears, KMart, family grocery stores
A similar effect in banking as well, as more routine functions automatically seek out the lowest cost base, especially in the face of hideous market losses.
The only way you can price higher is by possessing specific skill/knowledge that is not easily replaceable or substitutable. Thats why MDs got shipped and not their jobs :).
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