1/6/12

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!

Comments (32)

1/6/12

GWB

I eat success for breakfast...with skim milk

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1/6/12

Def tell the truth, try to get references.

1/6/12

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

1/6/12

Always tell the truth, never good to lie.

XX

1/6/12
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

1/6/12

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."

1/6/12
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

1/6/12

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

FYI, I'm in the same boat.

1/6/12

Get a letter of reference...

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

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1/6/12

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.

1/6/12

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.

1/6/12

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.

1/6/12

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

1/6/12

For those of you who got notices...

Are you in a structured program? Boutiques, BBs?

1/6/12

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

Nothing short of everything will really do.

1/6/12
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.

1/6/12

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.

1/6/12
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.

1/6/12
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.

1/6/12
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.

1/7/12
marcellus_wallace:
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.

Worst days are over in finance. yeah, it sucks out there now, still. but things aren't no where as terrible as it was back in 2008....

last time i checked, GS or MS didn't get rid of their entire S&T and fired everyone in that division. Such things won't likely to happen at a place like GS.

Also, another advantage of having worked at GS is that name on your resume. even if you got fired, it is better to be fired from GS than Jefferies, because you can leverage GS name and contacts you built to land interviews when you search for new jobs

1/6/12

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.

1/6/12

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.

1/6/12

You sure it wasn't your fault at all? http://www.wallstreetoasis.com/forums/slacking-as-...

Anyways, definitely tell the truth. You don't want to make things worse.

And feel free to PM me. Had a family member go through a similar situation.

Good luck!

1/7/12
seedy underbelly:

You sure it wasn't your fault at all? http://www.wallstreetoasis.com/forums/slacking-as-...

Anyways, definitely tell the truth. You don't want to make things worse.

And feel free to PM me. Had a family member go through a similar situation.

Good luck!

LOL. looking at that thread, I think OP was in danger of getting fired from the moment he started his job... the workflow at his firm must have sucked, and it is really no fault of OP that shit like this happens. I mean, if that firm doesn't have work for him to do, then it is a pretty good sign that he's about to be laid off sooner or later...

1/7/12
Sexy_Like_Enrique:
seedy underbelly:

You sure it wasn't your fault at all? http://www.wallstreetoasis.com/forums/slacking-as-...

Anyways, definitely tell the truth. You don't want to make things worse.

And feel free to PM me. Had a family member go through a similar situation.

Good luck!

LOL. looking at that thread, I think OP was in danger of getting fired from the moment he started his job... the workflow at his firm must have sucked, and it is really no fault of OP that shit like this happens. I mean, if that firm doesn't have work for him to do, then it is a pretty good sign that he's about to be laid off sooner or later...

Sexy_Like_Enrique (horrible name btw), trolling hard

1/7/12

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.

Almost all the FT class hired in 2007 in S&T for Bear Stearns had their offers rescinded. They didn't even get a chance to step on the floor before being axed. This firm at least gave him a couple of months on his resume...another way to look at it.

Sexy_Like_Enrique (horrible name btw), trolling hard

I'm actually curious what kind of person this guy/girl is to have such a screen handle.

1/7/12

He's clearly retarded

1/8/12

You were laid off, not fired. No big deal. Just be honest and upfront when interviewing.

11/24/15

Why the hell would you say you were bad at your job when you weren't? What on earth makes you think I or anyone else would want to work with someone like that? Believe me, "culture" is not an excuse. I've been several places I absolutely despised, but I still killed it and ranked at the top of my class.

11/24/15
11/24/15
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