Incoming Layoffs???
I'm sure many of you guys have seen the news about layoffs at Blackrock today, with the terrible performance of FI and Equity last year do you guys think layoffs are coming to places like PIMCO, Fidelity, Rowe, etc?
Hey Analyst 1 in AM - FI, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
More suggestions...
I hope those threads give you a bit more insight.
Cut 2% of staff near end of year last year, and we don't foresee any layoffs again til much later and only if the markets are down by double digit percentages as they were this year. No investment staff were cut due to senior management prioritizing staff retention in Baltimore.
To the degree we're seeing in the tech sector? Probably not, unless there was some unmitigated disaster. Most of what we're seeing right now are layoffs due to a variety of factors including market conditions, but also the boom hiring during the upswing, companies reverting back to trimming fat (low performers) more often, parts of their business outside of AM underperforming/folding, etc. To date this where things stand:
Expecting more to come down the pipe. Franklin & Loomis Sayles started voluntary buyout programs in November 2022. Would not be surprised to see further news from them, as well as other shops given the points made above. Most have or will implement hiring freezes, granted Fidelity seems to keep on chugging (at least in certain departments).
For Fidelity specifically, I heard theyre still doing well, their massive money market business is booming with the higher rates and their fixed income division as a whole has been crushing it in recent years, even outperforming PIMCO and Blackrock if you look at returns
Following.. work at PIMCO and haven't heard anything
I’ve been noticing a lot of job postings from pimco.
Do people typically get severance? What about new employees?
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