Just became a statistic - analyst caught in mass layoffs at BB
Heading into last week, I had spent over 2 years at a BB with a third year offer in hand. I saw the analyst layoffs reported on dealbreaker one morning and sat at my desk realizing I would either be getting my bonus or pink slip that day. Turns out it was the latter. With first years starting, they had more junior resources coming in than they could deal with. Revenue was down ~50% in our group.
I'm pretty devastated. I had plans to recruit hard during my third year for either PE or Corp Dev roles with the comfort of a third year offer to buy me time. After two years of insane hours and no sleep - I'm bored. I used to be an avid traveler, having seen 30+ countries before jumping into IBD. I'm torn between jumping back into the fray and seeing more of the world.
If I get a job soon then this hiccup will just look like a typical transition period out of banking. Just to be clear, I'm done with banking so that's out of the question. I did get significant deal experience and was generally well liked (and highly ranked) so that is certainly encouraging.
To be honest, I feel a bit ashamed. I never realized how much of my self-worth I had invested in this job until I no longer had it. The first things that came to mind as I was escorted out the building - Would my girlfriend leave me? Would my friends think less of me? Did I let me family down? So far everyone has been supportive, it's made me realize that I have more to offer than just a 'prestigious' job.
So the reason I'm here is for advice from fellow monkeys.
1) Would you take a break or start pounding the pavement?
2) I need to gather references - should I aim for the big guys (MDs / Global Heads) or the associates who know me best?
3) How do I bring this up in interviews and will it affect their perception of me?
Any advice would be much appreciated.
Dude, bad luck! Answers to
Dude, bad luck!
Answers to your questions:
1) Can only be answered by you. You enjoyed travelling, seem bored and may be a bit burned out. You may want to genuine break but I would hit the pavement because I am not one of those people who'd visit 30+ countries.
2) I'd approach the MDs you know best and respect you, as well as the Associates. If the senior guys don't know you, going directly to them may not elicit much
3) This stuff happens so often in banking it shouldn't be a problem. How you react to this is more important (e.g. Don't verbal the BB/MD whatever, don't sound bitter, be positive)
hey buddy, really sorry to
hey buddy, really sorry to hear about this, but I remember you posting a thread last year about your MD throwing you under the bus due to some sloppy work performance, which eventually downgraded you to bottom bucket. That just might have been the cause of the axe. The margin of error now in this industry has gone down tremendously.
either way, im sure having a BB IBD on your resume will open doors to other firms, but in case it doesnt work out, you could always a strategize a potential grad school option.
First, anyone who tells you
First, anyone who tells you that you shouldn't have a lot of your self worth tied up in a job is speaking nonsense. Anything you invest that much time, energy, and health into is definitely going to become a large part of your identity.
With that said, you're a statistic. It isn't personal. No one ever feels bad for the young single guy because they know with your resume you'll bounce back. They save the pity for the 40+ yr old who had the lifestyle job that will probably be choosing which bills to pay before he realizes he needs to take a pay cut to get back into the game and keep from going bankrupt.
So 1) pound the pavement now and spend your nights getting drunk on the cheap. Finding a job now takes a lot longer than it seems. Once you get one you can push out your start date a few weeks if you really want and travel for a short period of time.
2) Agree with HYA, go with anyone who can genuinely say your work is solid, and cover as many titles up the chain as possible
3) This happens to people who are cheap and young. You're still better than at least 95% of those your age in the work force. Dont get complacent when people tell you that you'll be fine. Stay after it and you will be fine.
It's funny about the
It's funny about the girlfriend bit. I had a girlfriend who was really into me and we were doing very well together, and when I got layed off, I still treated her exactly the same, but her interest just started to decline and she treated me worse and worse until I couldn't go on with it, and we broke up.
2 months after that, I got a stellar job that was even better than the old job, and she magically started calling me again...
I can't really give you any
I can't really give you any advice. You did just do two years in banking which is pretty baller, so if this anonymous internet personality means anything, your self esteem shouldn't go anywhere haha
"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer
1. look around, network. But
1. look around, network. But i think funds are just wrapping up with hiring. Contact the HHs and see what the timeline is and use the spare time to travel
2. associates, always go for guys who can give you the better reference and know you better. Global heads are good to get you interviews.
3. just say you did well but unfortunately being layoff is just a part of the biz when the firm isnt doing well. People get laid off all the time and people are understanding of that. As long as your associates can give you good references i think you are fine (note: this differs by the fund...one instance i heard that a semi-mega fund actually rescinded the offer because the analyst got laid off before two years, which isnt exactly your case since you got 2 years under your belt)
grapefury: It's funny about
It's funny about the girlfriend bit. I had a girlfriend who was really into me and we were doing very well together, and when I got layed off, I still treated her exactly the same, but her interest just started to decline and she treated me worse and worse until I couldn't go on with it, and we broke up.
2 months after that, I got a stellar job that was even better than the old job, and she magically started calling me again...
I hope something bad happens to her and every other woman on the planet who operates like this.
And in the event that you took her back (please tell me you didn't...) - sorry.
I hate victims who respect their executioners
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Can't really give any advice,
Can't really give any advice, seeing as i am someone trying to break into this industry. Though, I wanted to thank you for your honesty... it reminds me that this career path can be frankly cut throat at times.
Really sorry to hear that
Really sorry to hear that man. As someone fortunate enough to have found work upon graduating recently, your story resonates especially with me. Everyone has a unique situtation, of course, but here is my best guess of what I'd do:
1) Mandatory week off--not to accumulate references or catalog opportunities, but to do what you wish you'd been doing every weekend for the past two years. I'm not sure where you're located or what your disposable income looks like, but if I were you, I'd already be in the wilderness with my fly rod, some whiskey and a Vonnegut book. Maybe for you that means going out hard with your buddies every night, or a trip to Cape Cod. Regardless, I think it's essential you get grounded and focus your energy elsewhere for a bit before getting back on the grind. A little taste of freedom might remind you why you work so hard in the first place.
2) As many as possible without seeming gratuitous. Associates can write solid, personal recs, and what's the worst that could happen from running it by an MD? A former boss says "no"?
3) As with any interview question, spin it positively. Characterize it as the most humbling and motivating experience of your life, serving as a tangible reminder of why you will forever be known as the hardest working person in your office--regardless of where you end up.
Just my $.02
I was taught that the human brain was the crowning glory of evolution so far, but I think it's a very poor scheme for survival.
1) Take one month off. Right
1) Take one month off. Right now. Go to wherever is next on your bucket list. One month is long enough to completely disconnect and recharge, yet doesn't affect your resume. Plus, it's August, you'd be pounding an empty pavement. Also, you worked your ass off, you deserve a nice break away from the big city.
2) One ref from all levels. One MD, one VP, one (or two) As. Choose only people who you are sure will champion you on a ref call. If these are mostly Associates, then provide their names.
3) Tell the embellished truth, as you did in your post: You had a 3rd year offer. Revenue down 50%. Was let go. Don't dance around. Be clear and concise when you tell the story.
Finally, don't rule out banking. Banking will be the easiest job for you to get back on track. BD will take months (corporate pace) to hire you. Buyside will most likely not look at you (to be perfectly honest) given competition. Were you in an industry team? Go join a boutique in that sector -- sounds great in your overall story, lifestyle is better, more (smaller) deals = more deal exposure. From that, you'll be able to jump to your ideal job.
Aei ho theos geōmetreî
Great advice Themistcoles
Great advice Themistcoles