• Sharebar

Hi all - I entered a boutique ibank as an analyst mid of last year and my company was in serious sh*t because of the Euro crisis. They then stopped and fired their entire S&T division, and now I am their last victim.... got my notice last month.

My boss assured me they didn't let me go because of my performance. The reasons I was given:
1. Budget constraints
2. I'm the most junior guy in the team and the least "painful" to let go since they have the least invested in me

Therefore i'm currently looking for another fresh IBD Analyst (boutique) or Investment Analyst at a PE, and obviously recruiters ask why I left my last job.

Should I tell them the truth? Or as a way to avoid any suspicions that I was fired because of my performance should I make up an excuse (ie the work culture wasn't good). All this aside, is there ever a time when you should lie about why you are no longer with your former job?

Be nice to this recently unemployed guy... Those who are/have been in my position are welcome to share!

The WSO Advantage - Investment Banking

Financial Modeling Training

IB Templates, M&A, LBO, Valuation + Learn More.

IB Interview Prep Pack

30,000+ sold & REAL questions Learn More.

Resume Help from Actual IB Pros

Land More IB Interviews. Learn More.

Find Your Perfect IB Mentor

Realistic IB Mock Interviews. Learn More.

Comments (29)

  • TonyPerkis's picture

    GWB

    I eat success for breakfast...with skim milk

  • wso1234's picture

    Tell them the truth. Let go because of budget constraints, though your performance was high quality. Offer references to back this up.

  • Pike's picture

    Always tell the truth, never good to lie.

    XX

  • In reply to Pike
    UFOinsider's picture

    wso1234:
    Tell them the truth. Let go because of budget constraints, though your performance was high quality. Offer references to back this up.

    Lying is pointless b/c they will find out. Spin this story to your advantage.

    PMd you

    Get busy living

  • duffmt6's picture

    1. Eliminate emoticon use.
    2. Tell the truth- honestly doesn't sound like it will hurt you
    3. What city are you in/looking to live in?

    "For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."

  • Whiskey5's picture

    Everyone is firing. People realize the market sucks and it won't be a mark against you.

    FYI, I'm in the same boat.

  • baylormale's picture

    Get a letter of reference...

    You will be fine, unless you lie and they find out.

The WSO Advantage - Investment Banking

Financial Modeling Training

IB Templates, M&A, LBO, Valuation + Learn More.

IB Interview Prep Pack

30,000+ sold & REAL questions Learn More.

Resume Help from Actual IB Pros

Land More IB Interviews. Learn More.

Find Your Perfect IB Mentor

Realistic IB Mock Interviews. Learn More.

  • junky_munky's picture

    I was in the same situation three years back post Lehman - and to this day I am honest about it. Maybe it hurts my chances, but with a lot of people it is something they don't count against you because the whole industry was cutting, and my bank more so.

  • In reply to duffmt6
    johnmcclane's picture

    duffmt6:
    1. Eliminate emoticon use.
    2. Tell the truth- honestly doesn't sound like it will hurt you
    3. What city are you in/looking to live in?

    Living and working in Singapore

  • JulianWells's picture

    First piece of advice, file your unemployment claim immediately.

    Also stop speaking like a leprechaun (referring to the typo in the thread topic). But seriously I'm not in a very different boat. If they made cuts all the way down the poll, meet up with a VP with whom you worked directly and who also got the axe and see if he will give you a rec. If you were at least a likable guy and you worked hard he probably wouldn't hesitate to throw you a referral as well if he hearss about an opening at the analyst level. I did this recently and my VP gave me some great advice which I now bequeath to you. He said "JulianWells, you aren't the guy from Wharton who was doing 2 years in GS TMT when he got laid off. Cast a wide net, get yourself in front of as many people as possible and when somebody does hire you, make everybody like you and work your ass off."

    Maybe you were that guy from Wharton and you were at GS. If so just flip your resume out and you'll be fine. Either way, good luck man. Hope everything works out.

  • makeyourownluck's picture

    tell the truth, get references, from looks of it on some boards boutiques are looking, what city are you in?

    its one way or the other: hate me or admire.

  • txjustin's picture

    Tell the truth definitely. I'm in the same boat as well. Just got my notice yesterday.

  • bonks's picture

    Ah, so they use LIFO on their employees. Makes perfect sense..

    Nothing short of everything will really do.

  • aempirei's picture

    bonks:
    Ah, so they use LIFO on their employees. Makes perfect sense..

    I prefer firing based on the "Specific Identification" cost method.

    My name is Nicky, but you can call me Dre.

  • Sexy_Like_Enrique's picture

    sorry to hear, dude. also, what a shitty firm that you work at to be firing people left and right. This thread is a good reminder of why working for a more prestigious employer is important. I couldn't imagine GS or MS getting rid of their entire S&T guys on top of firing junior guys in IBD left and right. In short, this firm is really fucked up.

  • ST Monkey's picture

    tell the truth as it is not because of your performance it's the firm's shitty performance. As long as it's not with cause for your termination recruiters won't count it against you. I am not sure about IBD, but from my experience in S&T juniors and people with a weak book gets axed first.

  • In reply to Sexy_Like_Enrique
    timatom90's picture

    Sexy_Like_Enrique:
    sorry to hear, dude. also, what a shitty firm that you work at to be firing people left and right. This thread is a good reminder of why working for a more prestigious employer is important. I couldn't imagine GS or MS getting rid of their entire S&T guys on top of firing junior guys in IBD left and right. In short, this firm is really fucked up.

    Because a firm has to be GS or MS in order to qualify as not "really fucked up."

    Prestige has nothing to do with layoffs nowadays; everyone does it.

  • In reply to timatom90
    Sexy_Like_Enrique's picture

    timatom90:
    Sexy_Like_Enrique:
    sorry to hear, dude. also, what a shitty firm that you work at to be firing people left and right. This thread is a good reminder of why working for a more prestigious employer is important. I couldn't imagine GS or MS getting rid of their entire S&T guys on top of firing junior guys in IBD left and right. In short, this firm is really fucked up.

    Because a firm has to be GS or MS in order to qualify as not "really fucked up."

    Prestige has nothing to do with layoffs nowadays; everyone does it.

    The bigger and more established a firm, the more stability that firm is more likely to have. Do you honestly think that no-name boutique shop is going to handle the effects of recession as well as Goldman or MS, which are much bigger, have extensive client base, and have more resources?

    I think there is increased job security that comes from working at a more reputable firm. OP has stated that his firm got rid of their entire S&T division and fired all their people in that department. This is kinda fucked up, if you ask me.

  • marcellus_wallace's picture

    You were not fired. You were laid off. There is a big difference. Being laid off is a part of life, say the truth say you were killing it but the bank's traders blew up shit.

  • In reply to Sexy_Like_Enrique
    marcellus_wallace's picture

    Sexy_Like_Enrique:
    sorry to hear, dude. also, what a shitty firm that you work at to be firing people left and right. This thread is a good reminder of why working for a more prestigious employer is important. I couldn't imagine GS or MS getting rid of their entire S&T guys on top of firing junior guys in IBD left and right. In short, this firm is really fucked up.

    Were you on the street in 2008/2009? Were you on a trading floor in 2008 at any major bank? You have no idea what you are talking about it. It has nothing to do with the firm or prestige. The nature of the business is over-hire and over-fire and all the your so called "top frims" do it.

  • In reply to marcellus_wallace
    Sexy_Like_Enrique's picture

    To unlock this content for free, please login / register below.

    Connecting helps us build a vibrant community. We'll never share your info without your permission. Sign up with email or if you are already a member, login here Bonus: Also get 6 free financial modeling lessons for free ($200+ value) when you register!
  • Lubyanka's picture
  • Hayek's picture