5/6/08

With all the recent analyst lay-offs, can someone tell me why analyst X can lose his job but analyst Y can keep it? Assume they are both 6 months into an IBD role.

Would it be things like the classification of your degree or the fact that you have a science/arts degree instead of finance?

Or does it come down to who you know?

What are the key criteria that decide who stays and who goes?

Comments (14)

5/6/08

Why torture yourself like this, seriously...all you can really do is do the best job that you can across the board and hope for the best. I have a feeling it can be pretty arbitrary in the end and the rest should be pretty obvious

The WSO Advantage - Investment Banking

Financial Modeling Training

IB Templates, M&A, LBO, Valuation +

IB Interview Prep Pack

30,000+ sold & REAL questions.

Resume Help from Actual IB Pros

Land More IB Interviews.

Find Your Perfect IB Mentor

Realistic IB Mock Interviews.

5/6/08

If you're not going to contribute something useful x13, why write anything at all?

5/6/08

Thats just my opinion on the situation. Honestly, what do you expect to hear? Who does better work? Who has better relationships with the right people. Like I said, its fucking obvious.

My point is, be the best analyst that you can be, theres no point in worrying things that are out of your control, especially in this industry. Everything that you can do to enhance your chances of NOT getting canned are part of being the best possible analyst (ie efficient error free work, thoughtful insight, and solid networking internally). There's no secret formula and ultimately, the choice might be made for some BS reason.

Networking example - obviously some product groups are getting hit worse than others. Guy I know was in cash cdo's but knew some people in another group pretty well. Instead of getting laid off like other people in his group, he was transferred internally.

In reply to joefish
5/6/08
joefish:

If you're not going to contribute something useful x13, why write anything at all?

An attitude problem like this is what gets you laid off

In reply to b4f
5/6/08
x13:

Like I said, its fucking obvious.

Indeed.

Just as banks (try to) hire analysts based on how good they are, whether they've been able to network themselves into an interview, whether it seems you could have a good relationship, etc., they fire analysts based on how bad they are, insufficient networking, poor relationships etc. Except now they know you a hundred times better.

5/6/08

Yes, that finance/accounting double major is going to save you when the other guy is putting out much better work. Seriously, I cannot believe OP even asked this question given all his "friends" in the industry, his anecdotes etc.

5/6/08

i know you love me ideating

5/6/08

Obviously, nothing to do with what your college major was... that would be silly.

Generally people who are the most busy and best workers will be kept around (this is at the Analyst level where you have to be a worker bee). Sometimes relationships can play into it as well, though even knowing someone powerful won't necessarily save you when the time for layoffs comes.

Sometimes entire groups will be laid off and you can't do much about that... so not worth worrying about.

Bottom line - if you want to be kept, make sure you do great work. And as long as your entire group didn't get fired, you probably will be kept.

5/6/08

Thanks 10^6 dosk, nice to get an honest, informative answer ... for once

5/6/08

Is it everything you'd always imagined it to be, joefish?

In reply to joefish
5/7/08
joefish:

Thanks 10^6 dosk, nice to get an honest, informative answer ... for once

haha if you think an answer has to be wrapped with a ribbon and served on a silver platter to be informative...

well anyway, I'm sure if you do everything 10^6 you'll be just fine

In reply to nystateofmind
5/7/08
nystateofmind:

Is it everything you'd always imagined it to be, joefish?

everything.....and more! I'm currently enraptured

5/7/08

I love how when certain members (ideating, numi) insult joefish, he gets his panties in a bunch and upsettingly tries to rant off a derogatory comeback. When other members (whose cocks he apparently aspires to ride) insult joefish, he tries and plays it off with "witty sarcasm" and as if they are just joking with him. The commonality between these two types of people, however, as well as most everyone else on this forum, is that they both hate joefish - joefish has just yet failed to realize this.

In reply to b2
5/7/08

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

  • Facebook
  • Google Plus
  • LinkeIn
  • Twitter
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!

What's Your Opinion? Comment below:

Login or register to get credit (collect bananas).
All anonymous comments are unpublished until reviewed. No links or promotional material will be allowed. Most comments are published within 24 hours.
WallStreet Prep Master Financial Modeling