The lazy, hazy and crazy days of summer used to be a time for Wall Streeters to collectively kick up their heels and sip a margarita on the beach. August was traditionally the dullest month on the street, as seasoned traders, hedge fund honchos, and big bank bigwigs flocked to the Hamptons, Cape Cod and points further. But what's happened to the expected and much anticipated summer lull?
First it was the run-up to the deadline on the debt ceiling talks that put a stall on summer vacation plans in July. Now, the upheaval in global markets and a recent spate of industry pink slips as well as ones to come are putting another damper on the street's travel itinerary.
Big layoffs at Goldman Sachs, Deutsche Bank, Morgan Stanley, Barclays, HSBC, and others are bound to give many in the field due reason to rethink their long days off.
Industry insiders say that worries of additional layoffs are also making others postpone vacation altogether. Plus, with many departments at the big banks and investment firms much much leaner than they were this past summer, it just may be a bit more difficult to schedule that long vacation anyway.
According to executive coach Meredith Haberfeld, co-founder of the Institute for Coaching, the financial executives she works with are "working harder than ever, and others are vacationing in spite of the pressures of the current climate in the industry."
In an interview with eFinancialCareers, Haberfeld cautions that while vacation is often beneficial, it's probably not the best time to be out of sight for too long.
She adds, "Finance professionals, at least those who want to remain in the field, are clearly well served to stay focused and take smaller, well-timed vacations. In these times, it's smart to take enough thoughtfully scheduled down time to stay charged-up-but right now is not the ideal time to disappear onto the beach for weeks."