How susceptible is equity research to the market?
I have accepted a SA offer in equity research (with, of course, one of the firms that is currently taking a beating on the market today) How vulnerable would a firm's equity research division be to potential cuts (i.e. revoked SA offers) in the event of a buyout such as JPMC's take over of Bear Stearns?
Thanks!
by someone else with overlapping research then the answer is "very" - it's happened many times over the years, even when the market wasn't this bad.
The usual form is that if the target team is head and shoulders better than the acquirer's team then the target will prevail. Otherwise, the target team is calling the headhunters. Had calls from 3 Bear guys looking for leads this morning.
In general, equity research will always be subject to cuts because they do not bring in money but are a cost center. Cuts probably more likely in middle and up vs. SA I would guess.
In buyout scenario, if redundancies occur think strongest team will survive.
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