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It's true. As soon as they went bankrupt the teams were dissolved. Most were staffed with contractors (like myself), whose employers immediately pulled out because they were not sure they'd get paid.
TRUE story: About a year before the big implosion, traders were still unwinding trades "manually" (in terms of individually in the computer system, not by paper). They started to want to do bulk unwinds, which were error-prone and painfully long to do. So across my desk came a BRD for a bulk unwind system. In a month I'd implemented it, jury-rigged it to flow inside the same internal engines as the main software but would be completely automated. Feed it an .XLS file with the affected deals, and it'd bulk unwind all of them including all of the necessary downstream feeds (DTCC, other firms, risk systems, reporting services, etc). It's my understanding it was used very, very extensively for obvious reasons shortly after I did evaporate. ![]() ![]() FWIW the sector has clearly turned around. I've had a bunch of headhunters approach me for C++/Unix jobs in the finserv market in the past several months. |
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