Is ER layoff coming?
What is the sentiment across the field now? Are there a lot of talking? Seems both the market and deals are low. Just curious.
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Honestly all I'm hearing is that ER is struggling to hire.
are they struggling to hire and retain junior talent??
To me it does sound like retaining juniors is more challenging - we are seeing higher turnover which could be the result of a tight labour market (you can perhaps get a better compensation by switching jobs)
Same as above. Teams seem to be either at bare minimum staffing, or struggling to find talent.
I guess I would be worried if I were covering a sector that used to have a lot of deal activity, if the team didn't shed anyone since things have dried up.
Also, banks do cover a fair amount of names nobody really cares about. If cost cutting needs to be done it can be. On one hand we might be a cost-center but on the other bankers that can't close out deals are even less important to keep around.
Bottom line, it is give and take but I feel safer in research than I would in IB.
Are you suggesting people in biotech and tech should be more worried? Seems that deals in these two sectors have almost extinguished but they hired a lot last two years.
“I guess I would be worried if I were covering a sector that used to have a lot of deal activity, if the team didn't shed anyone since things have dried up. “
IMO only if a firm over-hired for those sectors. Otherwise, should be business as usual.
I heard it was 50% of the entire research department (sorry this was in response to the Berenberg reply below)
Potentially. For my team, we lost a couple of people but with the low deal flow it worked out perfectly and we're not looking for anyone. If they hadn't left and the economy worsens, there would be no reason to keep everyone in the team.
So basically what dickthesellsider said.
Echoing the above, it looks like Berenberg did layoffs with some biotech and tech teams. I’m also seeing a lot less recruitment activity for biotech teams - surprisingly, seems to be shifting to medical devices / life sciences and tools.
Interesting. Probably because most medtech/tools are commercial stage companies and biotechs with revenue seem to be less impacted by the last year’s meltdown.
However, I kind of feel biotech will come back very soon. They always need to raise a lot of money for clinical trials, which means deals. The private market is still very active and the IPO pipeline is strong. Big pharmas should start spending their big cash pile soon.
I have only heard about struggling to hire junior associates.
I know Berenberg laid a bunch of people in NY off. It is really true that banks are unable to hire and retain associates. I interviewed for a junior associate position at a specific team back in February. I still see the same job posting for the same team pop up even today. All the other associates in the team are still at the bank, meaning they have been hiring for this role for months.
Layoffs likely coming to a research/capital markets division near you. Have heard of a handful of shops that are already in unofficial hiring freezes and have started cutting fat (underperformers/data subscriptions/travel/etc). A friend at a top MM bank was told that layoffs are coming across the cap markets teams (ECM, s&t, ER). Only a matter of time in a market like this.
In HK, CS cut their prime brokerage business so some sales and analysts left.
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