With Lehman Bros filling for bankruptcy and Bank of America buying out Merrill Lynch, about 85,000 jobs are hanging in balance.  More then 10,000 jobs were lost in New York alone, and many financial institutions are losing 20% to 40% of its jobs.

With this volatile market, many employees are sprucing up their resumes fast to get ahead of the ever-growing line of out-of-work.  Many financial institutions are downsizing, consolidating and merging.  Older and high earning employees are not to be shut out of jobs first.  There will be a need for experts in mergers and acquisition as many organizations are looking for people who know how to make things work and experienced employee who have survived the downturns before. 

It is wise to play expertise when it comes to knowing how to survive the bad time.  Candidates should make sure recruiters and hiring managers know exactly what you have achieved and value that could bring to the firm.  Look at the transferable skills which could embark to new career, for technology background could work for an IT firm providing information to the banking industry. Try to equip the knowledge in consumer/corporate banking, together with investment banking/trading skills.  These candidates will be well equipped for the new era.

Tips to prepare yourself if it happens to you:

• Stay in control of you emotions
  You might feel fear, apprehensible, uncertain, and even angry. It is crucial that you clear your mind and keep a record of everything being said in meeting.
• Carefully go through the severance deal
  Review and sign a release of liability which include severance pay and benefit continuation.  You could either accept the severance package or try negotiating to get a better settlement.
• Start your job hunt 
  Start revising your resume and think about why you are no longer working at your previous company
  Review your skills and experience and consider you career path
  Look on the internet and newspaper for an idea of what the jobs are available in to the market
  State your top three accomplishments from a business perspective
  Show your CV to your friends; try to meet people everyday to seize out opportunity
  Contact professional recruiter to look out for appropriate jobs and career coach
  Go to business event and you never know who you might meet.
• Whittle down your lifestyle
  With your previous hectic work life you probably haven’t been paying enough attention to your family and health.  Stay fit and healthy, try to give up smoking, drink less get more exercise, and try to enjoy a kinder simpler gentler time in your family’s life

On the bright side, studies show that most people who have gotten laid off, move on to other opportunities and they are glad that it happen as they found themselves in a much more fulfilling work situation.