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The Labor Markets of Knowledge Workers

Investment Bankers’ Careers in the Wake of Corporate Restructuring

University of New South Wales

Robert P. Althauser, ,

Indiana University

In the accounts of Cappelli and others, the influx of mid-level outside hires and extinction of internal career ladders indicates that external market forces have fatally compromised firm internal labor markets. In an investment bank subject to a decade of mergers and acquisitions, we assess the extent to which external hires and collapsed career ladders characterize employees’ careers. The mixture of internal and external hires and intact career ladders we find challenges current understandings of recent changes to firm internal labor markets.

Key Words: careers • internal labor markets • external labor markets • knowledge workers • firm-specific skills

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