PLEASE HELP!! Unsure what to do
I'm currently a second year at a boutique, left after one year stint at another bank's group- think structured finance/cdo/levfin (basically old group is now down to 30-40%) Things have been going well at the new firm, not hurting like all the BB and is a bit hedged due to some restructuring work.
The firm's culture is pretty tough and over the past half a year since i've been there they've let go about 3-4 people from all levels- basically it's very fit based and demanding. Knowing this i've put my head down and worked pretty hard and thought things were okay since it's been couple of months now.
Imagine my surprise two weeks ago when some of the senior people asked what my thoughts are regarding my future there and that I should consider my alternatives- i was pretty shocked as they even mentioned transitioning out. I thought i was doing well- and after some reflection realized i might have made a bad impression with one of the senior bankers when i worked with him (was dealing with tons of personal issues on the side). Still it didn't sound final and i thought it was simply a warning..So i've brushed it aside by working even harder(on several live deals) but just this week HR called me and said the firm may be reviewing its organizational needs by year end 2008..I felt like she was saying i'm going to be let go by end of the year...
I'm really not sure what to think of this, i'm still working 80-90 hr weeks, ppl in the office are acting normal (definitely doesn't feel like a hostile environment) but from what she told me it just doesn't sound right. Now i know in this market they can do whatever they want with you, and could be just keeping me around until they find another candidate and be like look we warned you...So i'm not really sure what to think. With the job market so bad right now i know there's no way i can find another job like this- should i just ignore what she said and work as hard as possible or take a clue and start interviewing right now and give up all chance of staying there, i don't know whether this is their way of telling me to go and interview? (not sure how I can hide that given i'm working so much still) either way i don't want to be screwed by the end of the year and they go- look we warned you...by then i would have no job
please guys give me some input...i'm really not sure what this means...same thing happened to my friend at another boutique, its been 2 months since he's joined and they said they can easily replace him in this market..
please give me some advice/actions steps on what i should do, should i try talking to head of my group and be blunt? If they are going to let me go i only have 1 month essentially including the holidays- everything is basically shut out...
please help!!
Firms actively try NOT to send this message so as not to instill panic or lose people that they aren't looking to let go to begin with. To me, it sounds like you are not only in danger but have already been selected for termination. I'd start interviewing for jobs if you can find any worth interviewing for.
~~~~~~~~~~~ CompBanker
I don't see any harm in approaching any Associates or VPs you're close with and being up-front with any concerns you have. Tell them about the mixed signals you're getting and ask whether there are ways you can improve. There's no use in pulling the hours if that's not the original issue. Before interviewing with other firms, I'd start with how you can resolve your current situation.
Please don't do this. It may sound like a good idea, but it will backfire quicker than you think. I agree with compbanker that you should start looking NOW. Also don't worry too much about it, but be proactive
Sounds like you work for an obnoxious bunch of pricks although it is nice that they have essentially provided you with a warning that allows you to continue receiving a paycheck while interviewing elsewhere. With that said, I would continue working, get your bonus and then collect unemployment while you look for a job.
Start interviewing at other places. Look forward to the 30K severance package or whatever they offer to buy out your remaining contract. Work LESS hard.
Your company sounds like a bunch of dbags though.
Why is everyone so outspoken about the company being d-bags? Would he be better off if he came in one day and was told it was his last day and he had 15 minutes to collect his belongings and be escorted out.
How did you make a bad impression with the SR banker?
What about talking to the senior people who approached you about your future options? Sounds like they were trying to give you a heads up, see what they think about your options. Tell them you want to stay with the bank (obviously), but you value their input about your future and want to see what they think.
Does sound like they're preparing to lay you off though, wouldn't hurt to quietly poke around and see if you can find something else.
that you may be paranoid schizophrenic.
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