Same Crisis, Different Voices: Typical Wall Street Workers Lose Jobs, Not Hope

The Banker

Like Ruiz, when Win Hornig, 25, found out he was losing his job, it came as a load off.

Hornig was initially thrilled by his work as an investment banker at Bear Stearns, the now-defunct firm that was purchased by JPMorgan Chase in March.

A Minnesota native, Hornig joined the firm in 2006.

"Wall Street is incredibly competitive," he said. "It's the top of the top. It was just a great opportunity that I felt if I didn't take, I would let people down."

But his typical work week was 80 to 100 hours long and it eventually became too much, he said.

"My life was just a wreck," he said. "All I was thinking about was work. I began to question what the rat race was all about."

And while some grumble about bankers' exorbitant salaries, Hornig said he and his fellow associates had low base salaries and were largely dependent on their bonuses. But the past two years, he said, didn't bring much in the way of bonuses for him.

As business started going south, Hornig found himself with less work and more time on his hands, which yielded some unexpected benefits. He met his girlfriend, Joyce Huang, while out to dinner with a mutual friend. He surfed the Internet and realized he really enjoyed reading blogs.

Last month, shortly after Hornig was laid off, he and Huang, who worked at Lehman Brothers and now is a Barclay's employee, started a blog of their own, Bankergonebroke.com.

He and Huang put up posts on everything from Wall Street news to job search tips -- one post is entitled "Networking: Don't be a F*king Loser!" -- to advice for those unaccustomed to cooking their own food, instead of getting takeout.

"I hope it's a place where people can kind of go and learn a little bit about what we're going through and maybe be entertained a little bit," Hornig said.

The blog also has included responses from readers. Some are more supportive of than others. One reader called Hornig an "immature little punk" and suggested that the financial crisis could be blamed on "the greed being carried out by little clueless snots such as yourself."

Asked whether the young bankers should be blamed for the crisis, Hornig demurs.

"I personally feel that it's a big mess that we're in and it sucks for everyone," he said.

Still, Hornig said he's fortunate. Spending so much time at the office, he said, kept him from spending much money. Between his savings and severance pay, Hornig said he'll be able to stay and look for work in New York for at least three more months.

The government, other banks and companies that invest in distressed real estate are all on his list of potential employers. He's also considering business school.

"This is all about just falling forward and really trying to figure out what works," he said. "We don't know where the world is going to go so I figure I should walk down as many paths as possible."