News source: Collapse of Bear Stearns and layoffs, downsizing in financial services industry

Barry Miller, Ph.D., manager of alumni career programs and services at Pace University in New York and a private career consultant, has been seeing people from Bear Stearns and other financial services firms for several months. He can offer advice on how to survive and thrive after downsizing and layoffs in financial services and other industries.

March 21, 2008

Contact: Bill Caldwell, Office of Public Information, Pace University, 212-346-1597, wcaldwell@pace.edu

NEWS SOURCE

Topic: Collapse of Bear Stearns and layoffs, downsizing in financial services industry

Barry Miller, Ph.D., manager of alumni career programs and services at Pace University in New York and a private career consultant, has been seeing people from Bear Stearns and other financial services firms for several months. He can offer advice on how to survive and thrive after downsizing and layoffs in financial services and other industries.

“The collapse of Bear Stearns is no shock,” says Miller. “There will be many more layoffs to come.

“Still, as of today there are an abundance of jobs out there. They are posted but not on the web sites that most people are familiar with.

“Networking is the antidote to the threat of downsizing. Most people do not know how to do it effectively. They don’t know how to use on-line networking sites like LinkedIn and Facebook properly. The sites are both different and have their uses. It isn’t ‘either or.’

“For some people, this may be an opportunity to retool their skills.”

At Pace, Miller counsels students and alumni and conducts workshops on Networking Strategies, Self Assessment, and Interviewing Skills.

Miller is a faculty advisor for Women in Corporate America, an organization that offers mentoring and networking opportunities for female students, connecting them with women in corporate America who want to share their work experiences.

Prior to coming to Pace, Miller was an outplacement consultant assisting executives, managers and professionals on their job search. Miller has fourteen years of experience in the corporate world including seven years with Becton Dickinson, a leading health care products manufacturing organization.

Miller holds a Ph.D. in Human Development from New York University, has written many professional articles, and has been quoted on job search and management, appearing in National Business Employment Weekly, Fortune, Associated Press, Management Review, Time, U.S. News & World Report, New York Times, Cosmopolitan, More, Working Mother, Working Woman, and Smart Money. He has appeared on NBC News and Fox News.

Phone: (212) 346-1540; email bmiller@pace.edu .

Market Uncertainties Unlikely to Hurt Economy of Downtown Manhattan, Says Developer of Pace Index

Job cuts at large Wall Street firms do not mean the economy of downtown Manhattan is headed for a fall.

FOR IMMEDIATE RELEASE

Contacts:

Farrokh Hormozi, Ph.D., Pace University, 914-422-4285, cell 646-644-2367, fhormozi@pace.edu

Tom Schuyler, M. Booth & Associates, 212-539-3223, cell 646-344-9427, toms@mbooth.com

MARKET UNCERTAINTIES UNLIKELY TO HURT

ECONOMY OF DOWNTOWN MANHATTAN,

SAYS DEVELOPER OF PACE UNIVERSITY INDEX

Disputing gloom, economist finds “slight dip” in recent data an “aberration.”

New York, NY, October 23, 2007—Job cuts at large Wall Street firms do not mean the economy of downtown Manhattan is headed for a fall.

That bullish forecast is based on the latest Pace Downtown Index (PDI), a composite of weighted economic indicators for the area south of Canal Street developed by Pace University three years ago. The Index has regularly come up with findings that are supported several months later by data from federal and local agencies.

The third quarter PDI was fractionally down from the second quarter – by 0.05 points, to 106.27. However it was still higher than its first quarter value of 106.21.

Moreover, “looking at the long-term trend line, at this point we may consider the reversal an aberration which will soon pass,” writes Farrokh Hormozi, Ph.D., the Pace economist who supervises the index, in the latest report on the data page.cfm?doc_id=10618.

The reason is real estate, Hormozi says. “So far, the Lower Manhattan economy has been relatively immune to the bursting of the real estate bubble and is largely unaffected by the sub-prime default problem: an area where the average weekly income is over $8,000 cannot be the target of loan-sharks and teaser rates.”

The “slight dip” “shows resilience in the face of harsh problems facing the financial markets,” Hormozi writes. Despite the dip, the third quarter economy of lower Manhattan grew “better than the economies of both the City of New York and the country as a whole.”

Hormozi adds that those who now see gloom ahead include many who thought Downtown would never recover from 9/11.

The PDI’s statistical weightings gauge the relative influence on the downtown economy of not just the financial markets and the overall Gross City Product, but also of changes in the total commercial real estate vacancy rate. The raw real estate data is supplied by Cushman & Wakefield.

The PDI report will be available before 2pm by contacting Tom Schuyler to request a copy be sent, after 2pm it will be available online at /emplibrary/ACFB4A.pdf.