2008 IB Analysts?
Hey guys,
I joined a MM bank this year and am working with 5 Directors and 2 Analysts. I've had absolutely no work to do for roughly a week now and it's driving me crazy. 3 of the Directors leave at 7 everyday and if any work comes, the 2 Senior Analysts get the work. I've spoken to 2 of the Directors and they mentioned things are slow and work will come soon, but it's been 3 weeks since we spoke and nothing has happened. I'm pissed off and I leave at 6ish everyday. I mark my e-mails unread because I hardly receive any e-mails on a daily basis.
Ironically, we are in the midst of a layoff process and so far my whole team is still intact.
As you can imagine, I've not learnt much through this experience.
Any advice from anyone here?
Be glad you have a job. We're in the midst of one of the worst crises Wall Street has ever seen. You can't expect to see deals coming down the pipeline when the credit markets have largely frozen up. Pepsi had to refinance it's debt at 8% (now trading at 9-10%, last I heard). That's what a B/BB name would've gotten 2 years ago.
I would imagine that in the MM space there would be SOME deal flow, at least based on what people are saying on these boards, but I guess not in your particular group. Be patient. Keep good relationships with the people at work. As long as you have your job you will eventually see the work you're looking for.
you are pissed off that you have to leave work at 6 everyday?
Ask the ex-lehman/nomura guys what they do in London...i dont think they get much busier...
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ha. I had a few MONTHS like that in banking (product group) when I started. My work was sporadic and did not really pick up until 7 or 8 months in when we started to do more work with another group.
While I wouldn't say you should sit there and read everyday, I would pick up some primers to read about the industry, etc. If you have models, go through them and write down questions. Try to rebuild them from scratch. See if you can help the senior analysts with anything, even if it's just helping turn comments or whatever. I welcomed these little mundane tasks because it helped break up the day.
cindy82 -- I know exactly how you feel. There have been days like that when I've felt the same way. My suggestion to you -- hang tight, do something subtle to occupy your time (like reading the WSJ online or other stuff like that), and be enthusiastic every time you get a project. It's fine to raise your hand and let people know that you're available to help, but resist the temptation to probe around the office for work to do. The "senior analysts" get more work to do because they are more essential to the deal process and are more experienced at the job than you are, and you just have to accept this as fact and not try to fight the hierarchy.
The bottom line is, you have a job and that's the best thing you can have right now. This is not a time in the market where you want to really make yourself noticed; as a junior person, since there really isn't much work to do (and the seniors at your firm surely know this), your chances of being noticed will probably do you more harm than good because you are more likely to be noticed for the wrong reasons if you keep asking for work to do when there isn't any. You're far better off laying low, getting along with everyone and building a positive reputation for yourself...at least when you have a chance. But the last thing you want to do is to make yourself look like someone that has a lot of free time, because when the potential cuts roll around, your name will be more likely to be called if it seems like you have a lot of excess capacity. I understand that you do not feel like you are being fully utilized at this time, but you are probably the only one that really notices the extent of this stuff. Everyone else in the office is either busy with their own work or is quietly agonizing about how they can best brace themselves for the economy. The people around them are a secondary concern, and it's probably best that you let things be and not draw too much attention to yourself.
It took me a while to come to this realization at first -- after all, I started on the sell-side when times were good and there was ALWAYS work for people to be done, so there was never any shame in raising your hand for projects -- but after speaking with a number of more senior professionals, this is the advice they have all given me. This is a time when you want to just lay low and keep a smile, and do your job whenever there's something to be done. People will give you work when there is work to do, and when they don't, just be happy you're getting a paycheck on the 15th and 30th of every month.
...and just as an added note to what numi said...once the layoffs occur and you are one of the last analysts standing at the firm, there will be more work than you could imagine. my mm shop has had 2 rounds and my entire class is pretty much wiped out. i managed to pull through these cuts and am staffed on 2 restructurings, a sell-side, and a buy-side. just hang tight, these are pretty crazy times but if you can manage to stay on board at your respective firm, there is alot of great experience to be gained.
@ zip - You mentioned that almost your entire analyst class got laid off. Did you start working this past summer? And are banks really ready to lay you off after just hiring you only a few months back?
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