“M&A is all I know! What else could I do?”

-Banker Fearful of Potential Layoffs

This quote comes from a story a reader was telling me the other day. With layoffs spreading, even those currently employed in banking are starting to think about their “Plan B.”

We’ve previously looked at how to get into the industry in spite of a bad market, as well as what to do if you can’tget in despite your best efforts.

But if you get laid off, what can you do besides M&A?

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90% of my questions lately have been related to the recession, banks failing, and all the other bad news this year.

And while it is traumatic to find yourself suddenly unemployed, it’s also worthwhile to take a step back and find some humor in the bigger picture.

Humor?

Whenever layoffs begin, everyone gets nervous about their own job security – and that can lead to some great stories.

Sometimes, you can even get a broken car window and a broken fist out of it.

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For those who weren’t paying attention over the weekend, top government officials in China and the US reached an agreement whereby China has agreed to acquire all outstanding stock of the United States at $1.00 per share, with an implied valuation of $1 trillion.

Although the US GDP is close to $14 trillion on paper, analysts have said that extreme exposure to subprime mortgages and a failing financial system pushed its value down to only $500 billion. China made a last-minute rescue, acquiring the country at a 100% premium.

(This is a joke, but I wouldn’t be surprised to see a headline like this soon.)

Ok, so in case you were on vacation, Lehman and Merrill both failed over the weekend, and the US financial system continues its descent into bankruptcy as banks and hedge funds spiral into a bottomless abyss.

So what can you do about it?

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What is Investment Banking?: Ari Gold: What Bankers Actually Do, Why NOT Do Investment Banking, Why You Work 100 Hours Per Week, The Jack Bauer Guide to Investment Banking Success

Investment Banking Lifestyle: A Day in the Life - Worst Day and Best Day, How to Stay Fit, Investment Banking Lingo Part 1 and Part 2, A Week in the Life (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

Investment Banking Fashion: Investment Banking Wardrobe for Men, Men's Fashion Basics, How to Pick a Suit, Investment Banking Wardrobe for Women

Breaking into Finance: How to Get an Investment Banking Job, Networking into Investment Banking, Recruiting in a Tough Market, Breaking in from Engineering, Breaking in from Law, Breaking in from the Back Office

Networking: Networking into Investment Banking, Investment Banking Information Sessions, Become a Networking Ninja, How to Network Like Jason Bourne - Podcast, Cold Calling - Podcast, How to Get In From a State School With No Background - Case Study, How to Get In From a Non-Target School With a Low GPA - Case Study

Recruiting in a Down Market: The State of the Market, Check-The-Box-Recruiting to Actual Recruiting, Become a Networking Ninja, Plan B Options, How to Avoid Shooting Yourself in the Foot

Investment Banking Resumes: How to Write an Investment Banking Resume, How Investment Bankers Read Resumes, University Student Investment Banking Resume Template, Investment Banking Cover Letters

Investment Banking Interviews: Investment Banking Interview Guide, The Interview Selection Process, How to Close Your Interviews, Superday Zen: Why Less Is More, Random Interview Selection, Telling Your Story - Part 1, Telling Your Story - Part 2

Summer Internships: Summer Intern Success Guide, How to Dominate Your Summer Internship, Tips from a Former Summer Analyst, What You Do as a Summer Analyst, 10 Summer Internship "Don't's", How Summer Interns Get Full-Time Offers

Investment Banking Salaries: Investment Banking Salaries vs. McDonald's, Why Investment Bankers Make So Much Money, 2008 Analyst Bonuses, 2009 Analyst Bonus Prediction

Private Equity / Buyside Jobs: Private Equity Resumes, Private Equity Interviews, The Myth of the Buyside Job, Headhunters: Friend or Foe?, How to Get a Private Equity Job, How to Tame Recruiters

Specific Groups: UBS LA, Boutiques - 2008, Restructuring, The Back Office, Mergers & Acquisitions, Sales & Trading - Fixed Income, Boutiques - 2009, Why Bankers Dominate Consultants

Investment Banking Regions: Investment Banking Italy, Credit Derivatives in Tokyo, Investment Banking Australia

Business School: Business School Admissions as a Financier, Business School Admissions as a Non-Financier

Quitting Finance & Slacking Off: The Conference Room: How You Get Fired, The Farewell Email, A Day in the Life of a Former Investment Banker, How to Succeed In Investment Banking Without Doing Any Work, How to Have Fun On the Beach

Post & Pre-Layoff Options: Post-Layoff Options, Timing the Market Is BAD, How to Become a Ski Bum