Tuesday, 9 December 2008

Credit Crunch Christmas

Yesterday I had one of those Mondays where I opened my eyes and optimistically thought “Is it Sunday?”

Ha!! Fat chance!!

It was a really bad idea to go out for drinks on a Sunday night. A really bad idea!! I was suffering a little yesterday after a one too many delicious Yellow Fever cocktails with Ash and Melissa at the recently opened Macao Trading Company in TriBeCa. Melissa and I couldn't resist checking the place out after our recent visit to Macao. It’s a nice place, I can highly recommend it and the few small plates of food we had were very tasty.

The photo below is courtesy of Katie Soloker/Gothamist. You can see more of their pretty pictures of the place here.

To be honest I really shouldn’t be drinking $14 cocktails in the current economy, especially given the industry press is gleefully reporting on the rumour that 200+ people will likely be laid off from my company by mid January.

I believe it. It’s not like I didn’t see it coming, but I’m bricking it even more after seeing it in print. I find out more news about what’s going on in my own company from industry bloggers than I ever get to know about from management and the majority of it turns out to be true.

I know of one department which has been told to cut $1.2million in salary!! $1.2million!!! Whew!!

“There are three very senior people who don’t seem to do very much whose salaries could make up 75% of that,” a disgruntled friend in the know told me over lunch. “The three of them collectively make as much as 24 junior staff members.”

Can you guess which 3 very senior people they’ve put in charge of determining who stays and who goes?
It doesn’t take a genius to know whose jobs are likely to be secure come mid January and which 24 junior staffers are potentially out on their ear.


My boss is optimistic for our team – I’ve seen the numbers and they look okay – but these things are never decided until the last second, so it doesn’t pay to be complacent. The pessimist in me has been sporadically taking personal items home – mostly shoes. I had eight pairs in my office drawer on Monday, now I’m down to two - just in case I need to clean out my desk after Christmas. My colleague Emma thinks I am being ridiculous, but I’d prefer to be prepared.

No more cocktails for me for a while!!


Kitty said...


I tend to be a pessimist during these times, too. The thought is - if you do lose the job then you're a tiny bit prepared (well, not really) and if you don't lose the job then you feel relieved. A somewhat win-win situation.

What can you do? A friend lost his job a couple months ago, moped around for 1 1/2 months and then found another job, miraculously. It is tough, and I think it's tougher for those kids with no experience than for people who have worked some. You can always be 'overqualified' and get a pay cut.

Crossing fingers for you, Fish. You've worked so hard recently and don't deserved to feel anxious. I feel extremely nervous as well!

Blur Ting said...

Wow $14 cocktails? That could probably buy 2 here. You must move to Singapore!

fishwithoutbicycle said...

Hi Kitty,

I feel the same way, it's better to be a tiny bit prepared than stick your head in the sand and ignore reality.

I'm keeping my fingers crossed for you too Kitty.

Hi Blur Ting, yup $14. They are expensive, although you can get cheaper cocktails in NYC, but these are good quality ones, so you pay a little extra. I don't like the overly sugary ones you can get for $5 at happy hours :-)

Brit' Gal Sarah said...

I'll be keeping everything crossed for you, it's tough times right now.

fishwithoutbicycle said...

Thanks Sarah, it is really tough right now. My friends across the country are all concerned about their jobs or their husbands' jobs. Not fun!! Hope you are doing okay!!

Amel's Realm said...

Ohhhh...I'm crossing my fingers for you, wishing ALL THE BESTTTTTTTTTT!!!!!!!!!

fishwithoutbicycle said...

Thanks Amel :-)