"The goal is to remove people who aren't "pulling their weight," said one investment-banking head at a major bank, adding that "banks are overbuilt" in relation to the work available. As compared with years past, banks are less willing to keep those employees on board in hopes of a near-term recovery."
http://online.wsj.com/article/SB10001424052702303…
Thoughts? Does this mean even MORE competition for FT recruiting this fall?
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This primarily just means cutting underperforming MD's/VP's.
But yeah FT classes will probably be smaller than last year's depending on what the fee pool looks like over the next few months.
Yes, the pools are going to be smaller = harder
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