WIth all the 'headcount reductions' this year...
O
(Monkey, 49
Points)
on 12/6/12 at 6:13pm
I'm curious. It seems as if no more than a month can go by without some major bank letting go of a noticeable percentage of its staff. Most, if not all, of the banks are quite large but my question (as an outsider/n00b) is how have the smaller guys fared throughout this 'contraction' of the financial industry? Sure Citi dumps 11,000 people this year but what smaller I-banks like Lazard/Evercore/Greenhill? Is this a case of a slow, lumbering giant vs. a lean, mean restructuring machine? I appreciate the insight.





Boutiques have been grabbing
Boutiques have been grabbing market share for awhile now. I think as of the end of 3Q the boutique share of M&A was around 17% - an historical high.
Also consider that the vast majority of these layoffs are in trading and other capital intensive businesses. While the sluggish economy has put a large dent in advisory revenues, it's more of a cyclical change than the structural one facing the trading businesses.
I think all things considered the smaller guys are doing better headcount-wise.
It's been going on since the
It's been going on since the dawn of ages.
1. Announce layoffs before Christmas
2. Fire people before bonuses
3. PROFIT!!!!
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan